Warren Buffett's Berkshire Hathaway reveals Aon stake, slashes Chevron and Wells Fargo
- Warren Buffett's
Berkshire Hathawayinvested in Aonlast quarter.
- Buffett's company also boosted its
Verizonand Kroger stakes.
- Berkshire reduced several positions including
Chevron, Wells Fargo, and Merck.
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Warren Buffett's Berkshire Hathaway disclosed a new bet on Aon in a portfolio update on Monday. It also revealed that it took a knife to several positions and virtually eliminated its Wells Fargo stake last quarter.The famed investor's company bought 4.1 million shares of Aon, a global professional-services firm, in the three months to March 31. It also boosted its Verizon stake by about 8% to 159 million shares - worth over $9 billion at the end of the period. Moreover, it ramped up its Kroger bet by over 50% to north of 50 million shares.
Notably, Berkshire cut its Wells Fargo stake from more than 50 million shares to fewer than 700,000. The bank had been one of Buffett's biggest positions until last year. Buffett's conglomerate also exited positions in Suncor Energy and Synchrony Financial.The lack of purchases last quarter chimes with Buffett's comments at Berkshire's recent shareholder meeting. The investor said he was looking to invest about $80 billion of Berkshire's roughly $140 billion cash hoard in
Buffett cited the Federal Reserve's continued efforts to pump liquidity into
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