Warren Buffet’s Berkshire Hathaway Inc. invested in Verizon Communications Inc., insurance broker Marsh and McLennan Co., and Chevron Corp., according to Bloomberg. The company also cut its Apple Inc. holding during the last few months of the year.
- Berkshire’s reduction of Apple’s stake left the company with a holding valued at about $120 billion at the end of 2020.
- Despite the reduction in stake, Apple remains Berkshire’s biggest single stock holding.
- Berkshire reshaped its portfolio last year as the coronavirus struck the U.S and the company heavily invested in the banking sector, which has done well in the pandemic.
- The company cut a few bank holdings, exited JPMorgan Chase & Co., PNC Financial Services Group Inc., and M&T Bank Corp., and slashed Wells Fargo & Co’s stake by 59%.
- Berkshire also shifted bets on drugmakers by increasing stakes in Merck & Co. Inc., Abbvie Inc., and Bristol-Myers Squibb Co. but ended a recent investment in Pfizer Inc.
- Berkshire exited bets on Barrick Gold Corp. and trimmed an investment in General Motors Co. to a stake valued at about $3 billion at the end of the fourth quarter.
Berkshire and investee companies’ stocks are currently gaining. BRK.A: NYSE is up 1.23%, VZ: NYSE is up 3.97% on premarket, MMC: NYSE is up 2.05% on premarket, CVX: NYSE is up 4.26% on premarket
