WELCH & FORBES 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.
Welch & Forbes LLC is an investment management firm based out of Boston, Massachusetts. The company was established in 1838 and has grown from its inception to now have 53 employees of which 13 are investment professionals. Welch & Forbes operates as a subsidiary of Affiliated Managers Group, Inc. and is headed by President John H. Emmons. The company conducts its research internally, investing in the public equity markets within the U.S. Welch & Forbes offers a variety of investment and wealth management services including investment portfolio management, person trust and fiduciary services, estate planning and administration, and tax and custodial services. The company invests most heavily in the information technology sector, which alone makes up over a sixth of its total asset allocations, and also invests in the health care, finance, consumer discretionary, industrials, consumer staples, and energy sectors, among other sectors to a lesser degree, in order of decreasing allocation. Welch & Forbes allocates its assets diversely with none of its holdings exceed 3% of its total holdings. The company’s top 10 holdings together make up just over a fifth of its total holdings and the company has a relatively low turnover rate of approximately 5.4%. Welch & Forbes holds over $4.1 billion in total assets under management spread across approximately 2,500 accounts, all of which are discretionary accounts except for 128 accounts which make up $350 million of its managed assets. Both of the company’s total number of accounts and total assets under management have been increasing in recent years with its total managed assets growing from $2.7 billion back in 2010 to its amount today. Welch & Forbes mainly caters to high net worth individuals, which alone makes up over half of its entire client base, and also provides its services to individuals, pension and profit sharing plans, charities, and corporations, in order of decreasing allocation.
As of the latest 13F report, the guru’s equity portfolio contained 368 stocks valued at a total of $5.58Bil. The top holdings were
According to GuruFocus data, these were WELCH & FORBES LLC’s top five trades of the quarter.
GSK PLC
The guru established a new position worth 521,101 shares in NYSE:GSK, giving the stock a 0.33% weight in the equity portfolio. Shares traded for an average price of $33.31 during the quarter.
On 02/02/2023, GSK PLC traded for a price of $35.155 per share and a market cap of $71.97Bil. The stock has returned -20.94% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, GSK PLC has a price-earnings ratio of 4.75, a price-book ratio of 6.24, a price-earnings-to-growth (PEG) ratio of 1.17, a EV-to-Ebitda ratio of 7.59 and a price-sales ratio of 1.38.
The price-to-GF Value ratio is 1.28, earning the stock a GF Value rank of 3.
Stanley Black & Decker Inc
WELCH & FORBES LLC reduced their investment in NYSE:SWK by 156,496 shares. The trade had a 0.23% impact on the equity portfolio. During the quarter, the stock traded for an average price of $78.04000000000001.
On 02/02/2023, Stanley Black & Decker Inc traded for a price of $96.55 per share and a market cap of $14.28Bil. The stock has returned -42.85% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Stanley Black & Decker Inc has a price-earnings ratio of 10.59, a price-book ratio of 1.60, a price-earnings-to-growth (PEG) ratio of 23.25, a EV-to-Ebitda ratio of 17.47 and a price-sales ratio of 0.87.
The price-to-GF Value ratio is 0.46, earning the stock a GF Value rank of 4.
Meta Platforms Inc
WELCH & FORBES LLC reduced their investment in NAS:META by 71,503 shares. The trade had a 0.19% impact on the equity portfolio. During the quarter, the stock traded for an average price of $117.43.
On 02/02/2023, Meta Platforms Inc traded for a price of $194.142 per share and a market cap of $501.91Bil. The stock has returned -40.57% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Meta Platforms Inc has a price-earnings ratio of 18.25, a price-book ratio of 4.11, a price-earnings-to-growth (PEG) ratio of 0.68, a EV-to-Ebitda ratio of 8.89 and a price-sales ratio of 4.38.
The price-to-GF Value ratio is 0.50, earning the stock a GF Value rank of 4.
Lincoln Electric Holdings Inc
During the quarter, WELCH & FORBES LLC bought 68,084 shares of NAS:LECO for a total holding of 154,247. The trade had a 0.18% impact on the equity portfolio. During the quarter, the stock traded for an average price of $140.26.
On 02/02/2023, Lincoln Electric Holdings Inc traded for a price of $172.125 per share and a market cap of $9.94Bil. The stock has returned 36.07% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Lincoln Electric Holdings Inc has a price-earnings ratio of 23.17, a price-book ratio of 10.75, a price-earnings-to-growth (PEG) ratio of 6.44, a EV-to-Ebitda ratio of 16.41 and a price-sales ratio of 2.75.
The price-to-GF Value ratio is 1.10, earning the stock a GF Value rank of 5.
Vanguard FTSE Developed Markets ETF
During the quarter, WELCH & FORBES LLC bought 180,889 shares of ARCA:VEA for a total holding of 743,970. The trade had a 0.14% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.11.
On 02/02/2023, Vanguard FTSE Developed Markets ETF traded for a price of $46.135 per share and a market cap of $110.52Bil. The stock has returned -4.69% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Vanguard FTSE Developed Markets ETF has a price-earnings ratio of 11.89 and a price-book ratio of 1.44.
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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