{"id":45584,"date":"2017-03-02T19:54:00","date_gmt":"2017-03-02T19:54:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2017\/03\/transactions-portefeuille-us-large\/"},"modified":"2017-03-02T19:54:00","modified_gmt":"2017-03-02T19:54:00","slug":"transactions-portefeuille-us-large","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/","title":{"rendered":"Transactions Portefeuille US-Large"},"content":{"rendered":"

Ventes:<\/strong><\/p>\n

– Sanderson Farms (SAFM) – Market Trend.<\/strong> R\u00e8duction du nombre de positions dans le secteur de la consommation discr\u00e8tionnaire, passant de 3 \u00e0 2. Le SPscore de SAFM est haut, mais surtout en raison de son escompte important face \u00e0 sa valeur intrins\u00e8que. Par contre la valeur intrins\u00e8que ne semble pas fiable vu l’absence de corr\u00e8lation avec le cours du titre. Le rendement sur capital, m\u00eame s’il reste bon, a consid\u00e8rablement diminu\u00e8 durant les trois derni\u00e8res ann\u00e8es, tout comme le NOPAT. Sanderson Farms, ainsi que quelques autres grandes compagnies de transformation de poulet aux \u00c9tats-Unis, a \u00e8t\u00e8 poursuivie en fin 2016 pour possible manipulation\/fixation des prix. L’issue du proc\u00e8s restant incertaine, nous avons pr\u00e8f\u00e8r\u00e8 vendre notre position pendant que le titre se n\u00e8gocie pr\u00e8s de son haut 52-semaines.<\/p>\n

– Aetna (AET) et Johnson & Johnson (JNJ) – Market Trend.<\/strong> R\u00e8duction du nombre de positions dans le secteur des Soins de Sant\u00e8 de 3 \u00e0 1. M\u00eame si AET et JNJ sont toujours en bonne posture avec des scores \u00e8lev\u00e8s, c’est notre troisi\u00e8me position HCA Holdings (HCA) qui se d\u00e8marque \u00e0 presque tous les niveaux. Nous avons donc conserv\u00e8 ce titre. AET ou JNJ pourraient revenir dans notre portefeuille US-Large si le poids du secteur augmente dans les prochains mois.<\/p>\n

– Verizon (VZ) – Market Trend.<\/strong> R\u00e8duction du nombre de positions dans le secteur des T\u00e8l\u00e8communications de 2 \u00e0 1. Nous conservons AT&T (T) dans le portefeuille en raison d’une meilleure tendance EVA sur le long terme et d’une meilleure croissance des revenus. <\/p>\n

– Target (TGT) – SPscore.<\/strong> Target a annonc\u00e8 des r\u00e8sultats d\u00e8cevant ce 28 f\u00e8vrier. La p\u00e8riode des douze derniers mois est caract\u00e8ris\u00e8e par une baisse de ses revenus de presque 6%, ce qui a affect\u00e8 n\u00e8gativement son NOPAT, son EVA et d’autres indicateurs de performance importants. Consid\u00e8rant cette baisse de performance et la forte pression sur l’industrie du commerce de d\u00e8tail, l’escompte de \u00ac\u00b4 seulement \u00ac\u00aa 15% sur sa valeur intrins\u00e8que n’est pas assez int\u00e8ressante pour justifier son maintien dans le portefeuille.<\/p>\n

Achats:<\/strong><\/p>\n

– Spectra Energy Partners (SEP) – Market Trend.<\/strong> Augmentation du nombre de positions dans le secteur de l’\u00e8nergie de 0 \u00e0 1. Avec un SPscore de 66%, SEP est la compagnie la mieux not\u00e8e des grandes capitalisations am\u00e8ricaines dans le secteur de l’\u00e8nergie. Apr\u00e8s une forte baisse de son EVA entre 2014 et 2015, celle-ci se r\u00e8tablit peu \u00e0 peu et retrouve une belle croissance. SEP a r\u00e8guli\u00e8rement augment\u00e8 ses dividendes depuis les 5 derni\u00e8res ann\u00e8es, maintenant un taux de croissance moyen de 8% par ann\u00e8e.<\/p>\n

– Williams-Sonoma (WSM) – Market Trend.<\/strong> Augmentation du nombre de positions dans le secteur de la Consommation Discr\u00e8tionnaire passant de 7 \u00e0 8. Nous avons envoy\u00e8 une \u00e8tude d\u00e8taill\u00e8e de WSM dans notre article de blogue le 20 f\u00e8vrier. Pour le lire, cliquez sur le lien suivant : (Lien)<\/a><\/p>\n

– Aflac (AFL) and Chubb (CB) – Market Trend.<\/strong> Augmentation du nombre de positions dans le secteur financier de 3 \u00e0 5. AFL et CB sont toutes les deux dans le top 5 des titres en finance du S&P500 selon le SPscore. Ces compagnies offrent toutes les deux des caract\u00e8ristiques int\u00e8ressantes de croissance et de qualit\u00e8, tout en se n\u00e8gociant \u00e0 des multiples de valeur raisonnables. Puisque les trois titres que nous avions d\u00e8j\u00e0 dans le portefeuille \u00e8taient dans l’industrie bancaire, AFL et CB apporteront une diversification suppl\u00e8mentaire \u00e8tant chacun dans l’industrie de l’assurance.<\/p>\n

– Darden Restaurants (DRI) – SPscore.<\/strong> Nous avons achet\u00e8 DRI afin de remplacer Target (TGT) dans le secteur de la consommation discr\u00e8tionnaire. Son rendement sur le capital et son EVA augmentent rapidement depuis le mois d’ao\u00fbt 2014. Son ratio dette\/\u00e8quit\u00e8 de 0.24 est bas et ses free cash-flow lui permettraient d’augmenter ses dividendes de mani\u00e8re plus agressive dans le futur. L’entreprise maintien un objectif de croissance et pr\u00e8voit d’ouvrir environ 25 nouveaux restaurants en 2017.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Ventes: – Sanderson Farms (SAFM) – Market Trend. R\u00e8duction du nombre de positions dans le secteur de la consommation discr\u00e8tionnaire, passant de 3 \u00e0 2. Le SPscore de SAFM est haut, mais surtout en raison de son escompte important face \u00e0 sa valeur intrins\u00e8que. Par contre la valeur intrins\u00e8que ne semble pas fiable vu l’absence […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[155,156],"tags":[219,427,166],"class_list":["post-45584","post","type-post","status-publish","format-standard","hentry","category-en-vedette","category-portefeuille-modele","tag-adr","tag-international","tag-us"],"acf":[],"yoast_head":"\nTransactions Portefeuille US-Large - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transactions Portefeuille US-Large\" \/>\n<meta property=\"og:description\" content=\"Ventes: – Sanderson Farms (SAFM) – Market Trend. R\u00e8duction du nombre de positions dans le secteur de la consommation discr\u00e8tionnaire, passant de 3 \u00e0 2. Le SPscore de SAFM est haut, mais surtout en raison de son escompte important face \u00e0 sa valeur intrins\u00e8que. Par contre la valeur intrins\u00e8que ne semble pas fiable vu l’absence […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-02T19:54:00+00:00\" \/>\n<meta name=\"author\" content=\"Inovestor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Inovestor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\"},\"author\":{\"name\":\"Inovestor\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\"},\"headline\":\"Transactions Portefeuille US-Large\",\"datePublished\":\"2017-03-02T19:54:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\"},\"wordCount\":680,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"keywords\":[\"ADR\",\"International\",\"US\"],\"articleSection\":[\"En vedette\",\"Portefeuille Mod\u00e8le\"],\"inLanguage\":\"fr-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\",\"url\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\",\"name\":\"Transactions Portefeuille US-Large - Inovestor\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#website\"},\"datePublished\":\"2017-03-02T19:54:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.inovestor.com\/fr-ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Transactions Portefeuille US-Large\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#website\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/\",\"name\":\"Inovestor\",\"description\":\"Make investment decisions that matter most\",\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.inovestor.com\/en-ca\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\",\"name\":\"Inovestor\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png\",\"contentUrl\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png\",\"width\":1581,\"height\":422,\"caption\":\"Inovestor\"},\"image\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Inovestor\/\",\"https:\/\/x.com\/Inovestor_\",\"https:\/\/www.linkedin.com\/company\/inovestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\",\"name\":\"Inovestor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g\",\"caption\":\"Inovestor\"},\"url\":\"https:\/\/www.inovestor.com\/fr-ca\/author\/inovestor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Transactions Portefeuille US-Large - Inovestor","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/","og_locale":"fr_CA","og_type":"article","og_title":"Transactions Portefeuille US-Large","og_description":"Ventes: – Sanderson Farms (SAFM) – Market Trend. R\u00e8duction du nombre de positions dans le secteur de la consommation discr\u00e8tionnaire, passant de 3 \u00e0 2. Le SPscore de SAFM est haut, mais surtout en raison de son escompte important face \u00e0 sa valeur intrins\u00e8que. Par contre la valeur intrins\u00e8que ne semble pas fiable vu l’absence […]","og_url":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/","og_site_name":"Inovestor","article_publisher":"https:\/\/www.facebook.com\/Inovestor\/","article_published_time":"2017-03-02T19:54:00+00:00","author":"Inovestor","twitter_card":"summary_large_image","twitter_creator":"@Inovestor_","twitter_site":"@Inovestor_","twitter_misc":{"\u00c9crit par":"Inovestor","Estimation du temps de lecture":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/#article","isPartOf":{"@id":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/"},"author":{"name":"Inovestor","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092"},"headline":"Transactions Portefeuille US-Large","datePublished":"2017-03-02T19:54:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/"},"wordCount":680,"publisher":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#organization"},"keywords":["ADR","International","US"],"articleSection":["En vedette","Portefeuille Mod\u00e8le"],"inLanguage":"fr-CA"},{"@type":"WebPage","@id":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/","url":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/","name":"Transactions Portefeuille US-Large - Inovestor","isPartOf":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#website"},"datePublished":"2017-03-02T19:54:00+00:00","breadcrumb":{"@id":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.inovestor.com\/fr-ca\/2017\/03\/transactions-portefeuille-us-large\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.inovestor.com\/fr-ca\/"},{"@type":"ListItem","position":2,"name":"Transactions Portefeuille US-Large"}]},{"@type":"WebSite","@id":"https:\/\/www.inovestor.com\/en-ca\/#website","url":"https:\/\/www.inovestor.com\/en-ca\/","name":"Inovestor","description":"Make investment decisions that matter most","publisher":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.inovestor.com\/en-ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Organization","@id":"https:\/\/www.inovestor.com\/en-ca\/#organization","name":"Inovestor","url":"https:\/\/www.inovestor.com\/en-ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png","contentUrl":"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png","width":1581,"height":422,"caption":"Inovestor"},"image":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Inovestor\/","https:\/\/x.com\/Inovestor_","https:\/\/www.linkedin.com\/company\/inovestor"]},{"@type":"Person","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092","name":"Inovestor","image":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g","caption":"Inovestor"},"url":"https:\/\/www.inovestor.com\/fr-ca\/author\/inovestor\/"}]}},"_links":{"self":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/posts\/45584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/comments?post=45584"}],"version-history":[{"count":0,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/posts\/45584\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/media?parent=45584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/categories?post=45584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/tags?post=45584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}