Warren Buffett’s Berkshire Hathaway Inc announced on two major new investments, revealing an $8.6 billion stake in the phone company Verizon Communications Inc and a $4.1 billion stake in oil company Chevron Corp.
By disclosing in the regulatory filing detailing Berkshire’s U.S.-listed stock holdings as of Dec. 31. Berkshire also disclosed a new $499 million stake in the professional services company Marsh & McLennan Cos.
Berkshire has reduced its investments in several companies including Apple Inc, though at approximately $121 billion the iPhone maker remains by far its largest common stock holding. Verizon shares rose 3.0%, Chevron rose 2.2% and Marsh was unchanged in after-hours trading following Berkshire’s filing.
Tuesday’s filing signals where Buffett and his portfolio managers Todd Combs and Ted Weschler see value, though Buffett normally handles larger investments. It also shows Berkshire is finding ways to deploy its cash hoard, which totaled $145.7 billion as of Sept. 30.
The filing showed Berkshire, a major investor in Bank of America, cutting back on smaller banking rivals, reducing its stake in Wells Fargo and shedding JPMorgan Chase, M&T Bank and PNC Financial Services Group Inc.
Berkshire also invested more in drugmakers Abbvie, Bristol-Myers Squibb and Merck & Co. while selling a small stake in COVID-19 vaccine maker Pfizer Inc. It also shed mining company Barrick Gold Corp.
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