Dodge & Cox Takes 5.1% Stake in International Flavors & Fragrances

TL;DR

**Dodge & Cox just revealed a 5.1% stake in IFF, signaling a big institutional bet.**

AI Summary

Dodge & Cox, a prominent investment management firm, filed an initial SC 13G on February 13, 2024, disclosing its ownership of 12,987,900 shares of International Flavors & Fragrances Inc. (IFF) common stock as of December 31, 2023. This represents a significant 5.1% stake in IFF, making Dodge & Cox a substantial institutional shareholder. This matters to IFF shareholders because it signals a major investment by a respected firm, potentially indicating confidence in IFF's future prospects and stability.

Why It Matters

A large institutional investment like this can boost investor confidence and potentially stabilize the stock price, as it suggests a professional firm sees long-term value in IFF.

Risk Assessment

Risk Level: low — This filing indicates a significant institutional investment, which generally reduces risk by adding stability and professional oversight to the stock's ownership.

Analyst Insight

A smart investor would view this as a positive signal, suggesting that a respected institutional firm sees value in IFF. It might warrant further research into IFF's fundamentals, especially if considering a long-term position.

Key Numbers

• 12,987,900 — Shares Owned (Total number of Common Stock shares beneficially owned by Dodge & Cox.)
• 5.1% — Ownership Percentage (The percentage of International Flavors & Fragrances Inc.'s Common Stock owned by Dodge & Cox.)

Key Players & Entities

• Dodge & Cox (company) — the investment management firm reporting the stake
• International Flavors & Fragrances Inc. (company) — the subject company in which shares are held
• 12,987,900 (dollar_amount) — number of shares of Common Stock beneficially owned
• 5.1% (dollar_amount) — percentage of the class of securities beneficially owned
• December 31, 2023 (person) — date of the event requiring the filing
• February 13, 2024 (person) — date the SC 13G filing was made

Forward-Looking Statements

• IFF's stock price may experience increased stability due to a large institutional holder. (International Flavors & Fragrances Inc.) — medium confidence, target: next 6-12 months
• Other institutional investors might review their positions in IFF, potentially leading to further institutional buying. (International Flavors & Fragrances Inc.) — low confidence, target: next 3-6 months

FAQ

Filing Documents

• d766491dsc13g.htm (SC 13G) — 36KB
• 0001193125-24-033471.txt ( ) — 37KB

From the Filing

SC 13G 1 d766491dsc13g.htm SC 13G SC 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 0 )* INTERNATIONAL FLAVORS & FRAGRANCES INC. (Name of Issuer) Common Stock (Title of Class of Securities) 459506101 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). PAGE 1 OF 5 PAGES CUSIP NO. 459506101 13G PAGE 2 OF 5 PAGES 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Dodge & Cox 94-1441976 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)(b) N/A 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION California - U.S.A. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 14,531,553 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 15,440,725 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 15,440,725 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* N/A 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.0% 12 TYPE OF REPORTING PERSON* IA PAGE 2 OF 5 PAGES Item1(a) Name of Issuer : INTERNATIONAL FLAVORS & FRAGRANCES INC. Item1(b) Address of Issuers Principal Executive Offices : 521 West 57th Street New York, New York 10019-2960 Item2(a) Name of Person Filing : Dodge & Cox Item2(b) Address of the Principal Office or, if none, Residence : 555 California Street, 40th Floor San Francisco, CA 94104 Item2(c) Citizenship : California - U.S.A. Item2(d) Title of Class of Securities : Common Stock Item2(e) CUSIP Number : 459506101 Item3 If the Statement is being filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a : (e) Investment Advisor registered under section 203 of the Investment Advisors Act of 1940 Item4 (a) Amount Beneficially Owned : 15,440,725 (b) Percent of Class : 6.0% PAGE 3 OF 5 PAGES (c) Number of shares as to which such person has : (i) sole power to vote or direct the vote: 14,531,553 (ii) shared power to vote or direct the vote: 0 (iii) sole power to dispose or to direct the disposition of: 15,440,725 (iv) shared power to dispose or to direct the disposition of: 0 Item5 Not applicable. Item6 The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, INTERNATIONAL FLAVORS & FRAGRANCES INC. Item7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company : Not applicable. Item8 Identification and Classification of Members of the Group : Not applicable. Item9 Notice of Dissolution of a Group : Not applicable. Item10 Certification : By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purpose or effect. PAGE 4 OF 5 PAGES SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 13, 2024 DODGE & COX By: /S/ Katherine M. Primas Name: Katherine M. Primas Title: Chief Compliance Officer PAGE 5 OF 5 PAGES

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View this SC 13G filing on SEC EDGAR