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Warren Buffett's Berkshire Cuts Apple Stake And Buys These Drugmaker, Telecom Stocks Instead

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Shivdeep Dhaliwal
·2 min read
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Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) cut its positions in Apple Inc (NASDAQ: AAPL) and piled on stocks of drug, telecom, and oil companies in the latest quarter, according to filings made with the U.S. Securities and Exchange Commission.

What Happened: The Warren Buffett-led company shed its Apple stake by 6% to 887 million shares in the quarter, but at the same time has upped its investments in AbbVie Inc (NYSE: ABBV) by 20%, Bristol-Myers Squibb Company (NYSE: BMY) by 11%, and Merck & Co, Inc (NYSE: MRK) by 28%.

The conglomerate increased its exposure to T-Mobile US, Inc (NASDAQ: TMUS) by 1.36% to 5.2 million shares and also added 146.7 million shares of Verizon Communications Inc (NYSE: VZ).

See Also: Warren Buffett's Berkshire Bets On These Four Drugmakers Amid Pandemic

Berkshire picked up a fresh stake of 48.5 million Chevron Corporation (NYSE: CVX) shares and increased its investment in The Kroger Co (NYSE: KR) by 34%.

Other changes include a 59% cut in exposure to Wells Fargo & Co (NYSE: WFC) and a 28% cut in Suncor Energy Inc (NYSE: SU) stake.

Why It Matters: Apple is still the largest single investment in Berkshire’s portfolio, as of the latest 13F filing, and the investment is worth about $120 billion.

See Also: Warren Buffett Called Bitcoin 'Rat Poison' — Now It's Closing In On Berkshire Hathaway's Valuation

Apple shares closed nearly 1.6% lower at $133.19 on Tuesday and fell another 0.41% in the after-hours session.

In the after-hours trading on Tuesday — AbbVie shares were up 0.42% at $104.64. Bristol-Myers shares rose 0.34% to $59.60. T-Mobile shares rose 0.86% to $123.05.

Verizon shares shot up 3.05% to $55.80 in the after-hours trading, while Chevron shares rose 2.54% to $95.50.

Wells Fargo shares were down 0.11% in the after-hours. Kroger and Suncor shares remained largely unchanged.

Price Action: Berkshire Hathaway Class A shares closed 1.23% higher at $369,333. The company’s class B shares closed 1.15% higher at $245.28 and fell 0.11% in the after-hours session.

Photo by Fortune Live Media on Flickr

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