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He also bought stakes in Dow components Chevron (CVX) and Verizon (VZ) in the fourth quarter of last year.
Buffett Berkshire Hathaway (BRKA) revealed Tuesday in its latest quarterly filing with the Securities and Exchange Commission that the industrial conglomerate no longer owns shares of JPMorgan Chase (JPM), PNC (PNC) or M&T Bank (Mountain biking). The shares were sold during the fourth quarter of 2020.
The sale of JPMorgan Chase is remarkable given that Berkshire has partnered with the bank run by Jamie Dimon and Amazon (AMZN) on a health insurance company called Haven, which was formed in 2018 but announced plans to close last month. Berkshire still owns shares of Amazon.
Berkshire Hathaway also reduced its stake in the scandal Wells fargo (WFC), but kept its positions Bank of America (BAC), Bank of New York (BK), US Bancorp (Usb) and American Express (AXP). Berkshire acquired a new stake in another financial company – insurance broker Marsh and McLennan (MMC),
Berkshire Hathaway has sold all of its shares in vaccine maker Covid-19 Pfizer (PFE) as well as a mining company Barrick Gold (GOLD) in the fourth quarter as well. The latter move was a curious investment for Berkshire given Buffett’s well-known contempt for gold as an investment.
The sale of Pfizer comes just a quarter after Berkshire made several other big bets on the healthcare sector. In fact, Berkshire revealed on Tuesday that it bought even more shares of AbbVie (ABBV), Bristol-Myers Squibb (BMY) and Merck (MRK) in the fourth quarter.
Buffett reduced Berkshire’s position to Apple (AAPL) also, but the title remains a safe bet. Berkshire has also added to its stake in the wireless telecommunications giant T Mobile (TMUS), in addition to its new stake in Verizon.
Verizon owns Yahoo, the company that now webcasts Berkshire’s annual meeting of shareholders live stream from Omaha each spring. This meeting, which is scheduled for May 1, will be a virtual affair due to Covid-19 – as was the case last year.
The new stake in Chevron is an attractive choice for Berkshire Hathaway, given that Chevron lost a bidding war in 2019 for Anadarko Petroleum due to a Berkshire-backed bid by a rival oil company. Western (OXY). It looks like the consolation prize for Chevron is an investment from Buffett.
The reporter in this story owns shares in AbbVie.
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