Buffett's Berkshire Nearly Doubles J&J Stake, Trims Kraft, P&G

Tuesday, 17 Aug 2010 07:00 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Warren Buffett's company has partially rebuilt the stake in Johnson & Johnson he reduced over the past two years to raise cash for other investments, and Berkshire Hathaway Inc. boosted its investment in Wal-Mart Stores Inc. during the second quarter.

Berkshire detailed its $46.4 billion U.S. stock holdings Monday in a filing with the Securities and Exchange Commission.

The document revealed several changes in the Omaha, Neb.-based company's portfolio between March 31 and the end of June, including decreases in Berkshire's holdings in Kraft Foods, ConocoPhillips, Procter & Gamble and M&T Bank. Berkshire also increased its stakes in Becton Dickinson & Co., Nalco Holding Co. and Sanofi Aventis.

Berkshire also revealed a 4.4 million-share stake in Fiserv Inc. That new investment in the Brookfield, Wis.-based information management and payment processing company was worth roughly $200 million at the end of June.

But the biggest change came in Berkshire's J&J stake, which grew to 41.3 million shares at the end of June. That's up from 23.9 million shares in March. In 2008 and 2009, Buffett sold off some of Berkshire's Johnson & Johnson stock to help pay for more attractive investments.

Berkshire held 64.3 million shares of New Brunswick, N.J.-based Johnson & Johnson at the end of 2007. Buffett, who is Berkshire's CEO and chairman, has said he sold some stock in the drug and medical products maker in 2008 to free up capital for Buffett's $14.5 billion fixed income investments in Goldman Sachs Group Inc. and General Electric Co.

Later in 2009, Buffett again sold some J&J stock to help raise cash for Berkshire's $26.7 billion acquisition of the Burlington Northern Santa Fe railroad.

Berkshire officials did not immediately respond to a request for comment Monday, but they don't typically comment on the company's stock holdings beyond what it is legally required disclose.

Berkshire added 4.2 million Wal-Mart shares during the quarter to give it 38.1 million shares of the discount retailer.

Between March 31 and June 30, Berkshire also made several other notable moves, including:

• Selling 1.5 million shares of Kraft, leaving 105.2 million shares. Berkshire sold 30 million Kraft shares earlier this year after Buffett criticized the company for overpaying when it acquired British candy maker Cadbury for $19.5 billion.

• Selling 5.1 million shares of ConocoPhillips and reducing Berkshire's stake to 29.1 million shares. Buffett has said he made a mistake in 2008 when he bought a large amount of ConocoPhillips stock, when oil and gas prices were near their peak.

• Unloading more than 1 million shares of Procter & Gamble stock. But Berkshire kept 78.1 million shares.

• Reducing its longtime holding in M&T Bank by 198,555 shares to 5.4 million shares.

• Buying 145,761 shares of medical device maker Becton Dickinson to give Berkshire 1.9 million shares.

• Adding 150,000 shares of Nalco Holding Co. to create a 9.15 million share stake.

• Buying 159,742 shares of French drug maker Sanofi-Aventis to give it 4.1 million shares.

Monday's filing does not differentiate between investments Berkshire makes, investments any of roughly 80 subsidiaries make, or investments Buffett himself makes.

Berkshire owns clothing, insurance, furniture, utility, jewelry and corporate jet companies. Berkshire also has big investments in companies including Coca-Cola Co. and Wells Fargo & Co.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Cats Overrun Island in Niagara River After Being Abandoned

Friday, 01 Aug 2014 06:30 AM

Hundreds of feral cats are believed to be on Tonawanda Island in the Niagara River, an 85-acre parcel of land in the riv . . .

Study Traces Dinosaur Evolution into Early Birds

Thursday, 31 Jul 2014 14:36 PM

Scientists have mapped how a group of fearsome, massive dinosaurs evolved and shrank to the likes of robins and hummingb . . .

Study Blames Lost Calves on Panthers

Thursday, 31 Jul 2014 07:35 AM

Since Florida's frontier days when cattlemen drove their herds through the state's vast fields and forests, ranchers and . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved