Warren Buffett's Berkshire Hathaway reveals $6 billion bet on AbbVie, Merck, Pfizer, and other 'big pharma' stocks
- Warren Buffett's
Berkshire Hathawayadded AbbVie, Bristol Myers Squibb, Merck, and Pfizer to its stock portfolio in the third quarter.
- The billionaire investor's company disclosed the $6 billion worth of pharmaceutical bets in a regulatory filing on Monday.
- Berkshire held stakes worth more than $1.8 billion in each of AbbVie, Bristol Myers Squibb, and Merck as of September 30. It owned $136 million of Pfizer stock as well.
- Buffett and his team also trimmed their massive
Applestake, slashed holdings such as JPMorgan and Barrick Gold, and exited their billion-dollar position in Costco.
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Warren Buffett's Berkshire Hathaway plowed billions of dollars into Pfizer, Merck, and other pharmaceutical
The conglomerate also slashed its JPMorgan stake by more than 95%, from around 22 million shares worth more than $2 billion at the end of June to fewer than 1 million. It also sold more
Close watchers of the company were expecting significant changes to Buffett's portfolio. Berkshire's third-quarter earnings showed $17.6 billion in stock purchases and $12.8 billion in stock sales, equating to $4.8 billion in net stock purchases in the period.
Moreover, Berkshire announced $19 billion worth of investments last quarter. Those included buying Bank of America and Snowflake stock, acquiring 5% stakes in five Japanese trading companies over the 12 months to August, and striking deals with Dominion Energy and Scripps.Berkshire's roughly $6 billion in drug stocks and its flurry of other purchases signal a bullish turn for Buffett and his team. After all, Berkshire slashed its financial holdings and sold its entire stakes in the "big four" US airlines at a loss in the second quarter.
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