Pettyjohn, Wood & White, Inc Q4 2022 vs. Q1 2023: A Deep Dive into the Company's Portfolio Shakeup

Pettyjohn, Wood & White, Inc is a registered investment advisory firm that specializes in equity portfolios and fixed income securities. They manage approximately $2.2 billion in assets, catering to high net worth individuals and institutional clients. As the Q4 2022 vs. Q1 2023 Holdings Comparison shows, there have been significant changes in their portfolio composition. In this article, we will take a closer look at the firm's top holdings, discuss the reasons behind their buys and sells, and explore the potential implications for investors.

Microsoft Corporation (MSFT)

Microsoft Corporation continues to be Pettyjohn, Wood & White's largest holding, with shares valued at $21.3 million. However, the firm did reduce its holdings by 0.2% during the first quarter. This could be due to profit-taking, given the strong price performance of Microsoft over the past year. The tech giant's shares have risen by over 40% in the past twelve months. In addition, the firm may be reallocating resources to take advantage of other opportunities.

Apple Inc (AAPL)

Pettyjohn, Wood & White also holds substantial shares in Apple Inc, valued at $21.2 million. The firm reduced its holdings by 2.0% during the first quarter, likely due to the company's high valuation. The stock is currently trading at a forward P/E ratio of 28.6, which is relatively expensive compared to its historical average. Nevertheless, Apple's business has remained resilient over the past year, thanks to strong iPhone sales, despite the pandemic's impact on the global supply chain.

SPDR S&P 500 ETF Trust (SPY)

The SPDR S&P 500 ETF Trust is an exchange-traded fund that seeks to track the performance of the S&P 500 Index. Pettyjohn, Wood & White holds shares in this ETF, valued at $17.8 million. During the first quarter, the firm increased its position by 3.8%, indicating a bullish outlook on the broad market's prospects. The S&P 500 Index has delivered impressive returns, up by over 33% in the past year, fueled by the ongoing economic recovery and accommodative monetary policy.

Procter & Gamble Co (PG)

Pettyjohn, Wood & White holds shares in the consumer goods giant Procter & Gamble, valued at $12.9 million. The firm increased its holdings by 0.2% during the first quarter, signaling a vote of confidence in the company's long-term prospects. P&G has a robust business model, with over 70% of its revenue coming from brands with number-one or number-two market share positions. Additionally, the company has a solid dividend history, having raised its payout for 65 consecutive years.

Exxon Mobil Corporation (XOM)

Pettyjohn, Wood & White holds shares in Exxon Mobil Corporation valued at $12.2 million. However, the firm reduced its position by 1.2% during the first quarter, likely due to concerns about the company's long-term outlook. Exxon has been grappling with declining oil demand and low prices, putting pressure on its profitability. Moreover, the company is under increasing scrutiny from investors and regulators for its role in contributing to climate change.

Conclusion

Pettyjohn, Wood & White's Q4 2022 vs. Q1 2023 13F Holdings Comparison shows that the firm has made significant changes to its holdings. While it has maintained its positions in some of its top holdings, such as Microsoft and Apple, it has also reduced or eliminated its holdings in some others, such as Dominion Energy and Pfizer. The firm has also added new positions to its portfolio, such as the Meta Platforms Inc. It is crucial to remember that 13F filings are snapshots of a portfolio and do not convey the full extent of the firm's investment strategy. Nevertheless, analyzing these filings can provide valuable insights into the institutional investor community's sentiment towards stocks and sectors.