Warren Buffett’s Berkshire cuts Apple stake
Berkshire Hathaway Inc (NYSE 🙂 (NYSE: BRK-A) (NYSE: BRK-B) has cut its positions in Apple Inc (NASDAQ: NASDAQ 🙂 and acquired shares in pharmaceutical, telecommunications and oil companies in the last quarter, according to documents filed with the US Securities and Exchange Commission (SEC).
What has happened: Last quarter, the company led by Warren Buffett reduced its stake in Apple by 6% to 887 million shares, but in turn increased its investments in AbbVie Inc (NYSE: NYSE 🙂 by 20%, Bristol-Myers Squibb Company (NYSE: NYSE 🙂 by 11%, and Merck & Co, Inc (NYSE: MRK) by 28%.
The conglomerate increased its exposure to T-Mobile US, Inc (NASDAQ: NASDAQ 🙂 by 1.36% to 5.2 million shares and also acquired 146.7 million shares of Verizon Communications Inc (NYSE:NYSE:).
Also read: Buffett’s Berkshire bets on these 4 pharmaceutical companies
Berkshire acquired a new interest of 48.5 million shares of Chevron Corporation (NYSE: NYSE 🙂 and increased its investment in The Kroger Co (NYSE: NYSE 🙂 in a 34%.
Among other changes, a 59% cut in exposure to Wells Fargo & Co (NYSE: NYSE 🙂 and a 28% reduction in its stake in Suncor Energy Inc (NYSE: SU).
Why It Matters: Apple is still the largest individual investment in Berkshire’s portfolio, according to the latest Form 13F, and the investment is worth approximately $ 120 billion.
On Tuesday, Apple shares closed nearly 1.6% lower at $ 133.19 and fell 0.41% more in after-hours.
In trading after the close on Tuesday, AbbVie shares rose 0.42% to $ 104.64. Bristol-Myers shares rose 0.34% to $ 59.60. T-Mobile shares rose 0.86% to $ 123.05.
Shares of Verizon jumped 3.05% to $ 55.80 in the aftermarket, while shares of Chevron rose 2.54% to $ 95.50.
Shares of Wells Fargo fell 0.11% in the closing auction of the stock market. Kroger and Suncor shares were largely unchanged.
The price move: Berkshire Hathaway Class A shares closed 1.23% higher at $ 369,333. The company’s class B shares closed 1.15% higher at $ 245.28 and fell 0.11% after hours.
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