MONTAG & CALDWELL, LLC recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Montag & Caldwell LLC is a private investment management firm based out of Atlanta. The company was established by Louis A. Montag in 1945 and the company would adopt its current name in 1956. Montag & Caldwell started with its large cap growth equity strategy and began managing tax-exempt accounts for institutional clients in a large-cap growth equity style in the 1960s, with the firm becoming registered with the SEC in 1968. The company would improve its methodologies by “implementing earnings momentum disciplines, strengthening our in-house research capabilities, and exploring new information technology resources” in the 1970s, developing a strong team of professionals by the 1980s. Montag & Caldwell today provides a variety of equity, balanced, and fixed income portfolios and management for mutual funds. The company conducts its research in house, investing in the fixed income and public equity income markets on a global scale. Montag & Caldwell utilizes a fundamental analysis and a bottom up investment approach, focusing on the growth stocks of mid to large cap companies. The company invests in the health care, which alone makes up almost a third of its asset allocations, consumer staples, and information technology sectors, among others to a lesser degree, in order of decreasing allocations. Montag & Caldwell is owned largely by itself with remaining ownership split amongst Ronald E. Canakaris, the CIO, William A. Vogel, the CEO, Janet Boutin Nunch, the executive Vice President, and various other key executives. The company currently employs 29 people with 19 of them being investment professionals. Montag & Caldwell holds almost $10 billion in total assets under management spread across 810 accounts, all of which but one are discretionary accounts. Both its total number of accounts and assets under management have been volatile in the recent years with its total assets under management rising from $10.5 billion in 2010 to as high as $15 billion in 2011. Montag & Caldwell currently offers its Large Cap Growth, Mid Cap Growth, Fixed Income, and Balanced Growth strategies.
As of the latest 13F report, the guru’s equity portfolio contained 85 stocks valued at a total of $689.00Mil. The top holdings were MSFT(5.87%), UNH(5.01%), and GOOGL(4.93%).
According to GuruFocus data, these were MONTAG & CALDWELL, LLC’s top five trades of the quarter.
Zoetis Inc
The guru established a new position worth 145,986 shares in NYSE:ZTS, giving the stock a 3.1% weight in the equity portfolio. Shares traded for an average price of $147.98 during the quarter.
On 02/18/2023, Zoetis Inc traded for a price of $172.03 per share and a market cap of $79.72Bil. The stock has returned -10.20% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Zoetis Inc has a price-earnings ratio of 38.23, a price-book ratio of 18.11, a price-earnings-to-growth (PEG) ratio of 3.01, a EV-to-Ebitda ratio of 25.47 and a price-sales ratio of 10.21.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 9.
Analog Devices Inc
MONTAG & CALDWELL, LLC reduced their investment in NAS:ADI by 118,948 shares. The trade had a 2.52% impact on the equity portfolio. During the quarter, the stock traded for an average price of $156.09.
On 02/18/2023, Analog Devices Inc traded for a price of $192.71 per share and a market cap of $97.48Bil. The stock has returned 22.02% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Analog Devices Inc has a price-earnings ratio of 29.07, a price-book ratio of 2.67, a price-earnings-to-growth (PEG) ratio of 2.91, a EV-to-Ebitda ratio of 16.15 and a price-sales ratio of 7.94.
The price-to-GF Value ratio is 0.94, earning the stock a GF Value rank of 7.
Church & Dwight Co Inc
During the quarter, MONTAG & CALDWELL, LLC bought 208,543 shares of NYSE:CHD for a total holding of 214,649. The trade had a 2.44% impact on the equity portfolio. During the quarter, the stock traded for an average price of $76.73999999999999.
On 02/18/2023, Church & Dwight Co Inc traded for a price of $83.78 per share and a market cap of $20.43Bil. The stock has returned -12.49% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Church & Dwight Co Inc has a price-earnings ratio of 50.17, a price-book ratio of 5.85, a price-earnings-to-growth (PEG) ratio of 16.18, a EV-to-Ebitda ratio of 27.31 and a price-sales ratio of 3.83.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 7.
Edwards Lifesciences Corp
During the quarter, MONTAG & CALDWELL, LLC bought 214,086 shares of NYSE:EW for a total holding of 309,214. The trade had a 2.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $77.06999999999999.
On 02/18/2023, Edwards Lifesciences Corp traded for a price of $78.51000000000001 per share and a market cap of $47.76Bil. The stock has returned -26.54% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Edwards Lifesciences Corp has a price-earnings ratio of 32.18, a price-book ratio of 8.22, a price-earnings-to-growth (PEG) ratio of 2.13, a EV-to-Ebitda ratio of 24.13 and a price-sales ratio of 9.09.
The price-to-GF Value ratio is 0.74, earning the stock a GF Value rank of 10.
Arista Networks Inc
MONTAG & CALDWELL, LLC reduced their investment in NYSE:ANET by 140,929 shares. The trade had a 1.92% impact on the equity portfolio. During the quarter, the stock traded for an average price of $123.11.
On 02/18/2023, Arista Networks Inc traded for a price of $138.23 per share and a market cap of $42.35Bil. The stock has returned 6.96% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Arista Networks Inc has a price-earnings ratio of 32.37, a price-book ratio of 8.68, a price-earnings-to-growth (PEG) ratio of 1.09, a EV-to-Ebitda ratio of 25.43 and a price-sales ratio of 10.22.
The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 7.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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