![]() while selling a small stake in COVID-19 vaccine maker Pfizer Inc. and PNC Financial Services Group Inc.īerkshire also invested more in drugmakers Abbvie Inc., Bristol-Myers Squibb Co. ![]() and shedding JPMorgan Chase & Co., M&T Bank Corp. Tuesday’s filing showed Berkshire, a major investor in Bank of America Corp., cutting back on other banks, reducing its stake in Wells Fargo & Co. Securities and Exchange Commission to delay revealing the stakes, to avoid having investors piggyback on its wagers before it was done buying. The Omaha, Nebraska-based conglomerate had begun investing in Verizon, Chevron and Marsh by last year’s third quarter.Īs it had several times before, Berkshire won permission from the U.S. 30.īerkshire owns more than 90 businesses including Geico car insurance, the BNSF railroad and Dairy Queen ice cream, but has gone five years since its last big acquisition. The filing also shows Berkshire deploying some of its cash hoard, which totaled $145.7 billion as of Sept. “Verizon has a low price-earnings ratio, and while oil prices are recovering the stocks still have a long way to go.” “They are Buffett-esque investments,” said Steven Check, who invests $1.3 billion at Check Capital Management Inc in Costa Mesa, California, including $300 million in Berkshire. Buffett normally handles larger investments such as Verizon and Chevron. ![]() Tuesday’s filing signals where Buffett and his portfolio managers Todd Combs and Ted Weschler see value, without saying who bought what. Verizon shares rose 3.0%, Chevron rose 2.2% and Marsh was unchanged in after-hours trading following Berkshire’s filing. To make room, Berkshire reduced its investments in several companies including Apple Inc., though at approximately $121 billion the iPhone maker remains by far its largest common stock holding. Berkshire also disclosed a new $499 million stake in the professional services company Marsh & McLennan Cos. ![]()
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