- Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) has disclosed new stakes in Merck (NYSE:MRK), AbbVie (NYSE:ABBV), Pfizer (NYSE:PFE) and Bristol-Myers Squibb (NYSE:BMY), Bloomberg reported, citing a regulatory filing.
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- Buffett’s conglomerate continued to cut stakes in financial companies, including Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM).
- Berkshire started buying up the health stocks just months ahead of a disclosure from Pfizer and BioNTech (NASDAQ:BNTX) that their vaccine protects most people from COVID-19.
- Buffett’s company had stakes valued at more than USD 1.8 billion each in AbbVie, Bristol-Myers Squibb and Merck at the end of Q3, and about USD 136 million in Pfizer.
- The filing gives an indication of where Buffett and his portfolio managers Todd Combs and Ted Weschler see value.
- Buffett, 90, Berkshire’s chairman and CEO, dumped airline stocks and sold financials earlier in the crisis. His company continued to cut bank holdings in Q3, reducing its JPMorgan investment by 96%.
- InvestorPlace contributor Lou Carlozo earlier this month wrote that “buying Berkshire Hathaway stock is smart because the people behind it are smart and have seen more investment success over a longer span of years than you and I ever will.” He further noted that the shares have been and “will continue to be a port in a pandemic storm for investors.”
