Buffett’s company cuts stakes in drugmakers, buys 2 new shares

OMAHA, Neb. – Investor Warren Buffett’s company made two new investments in the third quarter while reducing its holdings in several drugmakers and financial companies.

Berkshire Hathaway Inc. updated its holdings of shares in a quarterly filing with the Securities and Exchange Commission on Monday. The reports are closely watched by many investors due to Buffett’s decades-long track record.

The Omaha, Nebraska-based conglomerate said its latest holdings included $ 475 million in shares of Royalty Pharma, which invests in drug development and then collects royalties on prescription drugs, and $ 100 million. additional dollars in shares of specialty flooring retailer Floor & Decor Holdings. .

Besides these two new investments and a decision to increase its stake in Chevron, all of Berkshire’s other moves during the quarter reduced its investments in an assortment of companies. But Buffett made no changes to Berkshire’s larger investments in Apple and Bank of America stocks.

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Buffett and other Berkshire officials do not comment on these quarterly stock filings, and the reports are unclear whether either of the firm’s other two investment managers played a role in the moves. Buffett typically manages all of the largest investments in Berkshire’s portfolio that are worth more than $ 1 billion each, such as long-standing holdings in Coca-Cola and American Express stocks.

Along with Chevron, Berkshire bought nearly 5.6 million shares to replenish some of the investment it sold in the first half of this year, but Berkshire’s current $ 2.9 billion investment in The oil giant is still lower than Chevron’s $ 4.1 billion stake it established late last year.

During the third quarter, Berkshire sold its investments in Merck and its spin-off Organnon & Co. It also reduced its holdings in drugmakers Abbvie and Bristol-Myers Squibb. But he kept his investment of around $ 400 million in Teva Pharmaceuticals.

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Berkshire also reduced its investments in Visa and Mastercard and reduced its stake in Bancorp in the United States during the quarter.

Besides investments, Berkshire owns more than 90 companies, including the BNSF Railway, Geico Insurance and several large utilities. The conglomerate also owns manufacturing, furniture, footwear, jewelry, chocolate, underwear and brick businesses.

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