Warren Buffett’s firm cuts stakes in drugmakers and finance companies


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. BRK.B,
-0.46%
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 RPRX,
-0.52%,
which invests in drug development, then collects royalties on prescription drugs, and an additional $ 100 million from FND shares of specialty flooring retailer Floor & Decor Holdings,
-1.42%.

In addition to these two new investments and a decision to increase its stake in Chevron CVX,
+ 2.27%,
all of Berkshire’s other moves during the quarter reduced its investments in an assortment of businesses. But Buffett made no changes to Berkshire’s bigger investments in Apple AAPL,
+ 0.01%
and Bank of America BAC,
+ 0.30%
Stock.

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 over $ 1 billion each, such as long-standing holdings in Coca-Cola KO,
+ 0.02%
and American Express AXP,
+ 0.68%
Stock.

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 below Chevron’s $ 4.1 billion stake it established late last year.

During the third quarter, Berkshire sold its investments in Merck MRK,
-0.37%
and its spin-off Organon & Co. OGN,
-0.95%.
It also reduced its stakes in drugmaker Abbvie ABBV,
-0.11%
and Bristol-Myers Squibb BMY,
+ 0.32%.
But he maintained his investment of around $ 400 million in Teva Pharmaceuticals TEVA,
-0.74%.

Berkshire has also reduced its investments in Visa V,
+ 0.10%
and Mastercard MA,
-0.59%
and cut his US Bancorp USB,
-0.07%
bet 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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