Warren Buffett's Berkshire Cuts Apple Stake And Buys These Drugmaker, Telecom Stocks Instead

Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) cut its positions in Apple Inc AAPL and piled on stocks of drug, telecom, and oil companies in the latest quarter, according to filings made with the U.S. Securities and Exchange Commission. 

What Happened: The Warren Buffett-led company shed its Apple stake by 6% to 887 million shares in the quarter, but at the same time has upped its investments in AbbVie Inc ABBV by 20%, Bristol-Myers Squibb Company BMY by 11%, and Merck & Co, Inc MRK by 28%.

The conglomerate increased its exposure to T-Mobile US, Inc TMUS by 1.36% to 5.2 million shares and also added 146.7 million shares of Verizon Communications Inc VZ.

See Also: Warren Buffett's Berkshire Bets On These Four Drugmakers Amid Pandemic

Berkshire picked up a fresh stake of 48.5 million Chevron Corporation CVX shares and increased its investment in The Kroger Co KR by 34%.

Other changes include a 59% cut in exposure to Wells Fargo & Co WFC and a 28% cut in Suncor Energy Inc SU stake. 

Why It Matters: Apple is still the largest single investment in Berkshire’s portfolio, as of the latest 13F filing, and the investment is worth about $120 billion.

See Also: Warren Buffett Called Bitcoin 'Rat Poison' — Now It's Closing In On Berkshire Hathaway's Valuation

Apple shares closed nearly 1.6% lower at $133.19 on Tuesday and fell another 0.41% in the after-hours session.

In the after-hours trading on Tuesday — AbbVie shares were up 0.42% at $104.64. Bristol-Myers shares rose 0.34% to $59.60. T-Mobile shares rose 0.86% to $123.05.

Verizon shares shot up 3.05% to $55.80 in the after-hours trading, while Chevron shares rose 2.54% to $95.50.

Wells Fargo shares were down 0.11% in the after-hours. Kroger and Suncor shares remained largely unchanged.

Price Action: 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% in the after-hours session.

Photo by Fortune Live Media on Flickr

Posted In: 13FDrugmakerstelecom stocksWarren BuffettBiotechNewsTechTrading IdeasGeneral

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