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Warren Buffett took a huge stake in Verizon stock while abandoning JPMorgan stock entirely, according to a regulatory filing that reveals purchases and sales in the Berkshire Hathaway (BRKB) equity portfolio.
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In the fourth quarter, Buffett opened new participations in Verizon (VZ), Chevron (CLC), Marsh and McLennan (MMC) and EW Scripps (SSP).
The new stake from Verizon is significant: – Buffett paid $ 8.62 billion for the 147 million shares. It now represents 3% of the portfolio, making it the 6th title in terms of number of shares held.
Berkshire fully emptied Pfizer (PFE), JPMorgan Chase (JPM), Barrick Gold (GOLD), M&T Bank (MTB) and PNC Financial (PNC).
The conglomerate increased its stake by 117% in T Mobile (TMUS), 34% in Kroger (KR), 28% in Merck (MRK), 20% in AbbVie (ABBV), 11% in Bristol-Myers Squibb (BMY) and 1% in HR (RH).
Buffett cut a stake in Apple (AAPL) by 6%. It remains the No. 1 title in its portfolio in terms of market value and No. 2 in terms of number of shares held, at 10.6% of the portfolio. He kept a Amazon (AMZN) stable bet.
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Warren Buffett Shares
Shares of Verizon rose 2.7% and T-Mobile added 1.1% as the stock market closed today. Apple plunged 0.1%, while Chevron rebounded 2.3% after hours. Merck, Bristol Myers and AbbVie all rose 0.3%.
Berkshire Hathaway’s Q4 13-F closes the books on a wild 2020, when Buffett made a series of surprise moves. It invested $ 9 billion in share buybacks in the third quarter and $ 5.1 billion in the second quarter, in a big investment shift. He threw away all of his airline stocks, including Delta Airlines (DAL), as the pandemic has destroyed air travel.
While losing or reducing several bank stocks, Berkshire’s Buffett invested more than $ 2 billion in Bank of America (BAC) in the third quarter, transforming it into its No. 1 share in number of shares.
In other atypical moves, Buffett took a stake in a new IPO Snowflake (SNOW) when buying a gold stock, Barrick Gold (GOLD), for the first time.
But thanks to share buybacks and purchases, investors have seen something they’re not used to: a drop in Berkshire’s cash flow. It rose to $ 145.7 billion in the third quarter, from a record high of $ 146.6 billion in the second quarter.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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