Berkshire Trims Apple Bet, Reveals Chevron, Verizon Holdings
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(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. cut its Apple Inc. holding during the last few months of the year. The conglomerate also revealed three new buys that it snapped up in secret.Berkshire bought stock in Verizon Communications Inc., insurance broker Marsh & McLennan Cos. and Chevron Corp., bets that were granted confidential status and not revealed in a third-quarter regulatory filing, according to an updated document released Tuesday. The Apple stake reduction left Berkshire with a holding valued at $120 billion at the end of 2020, according to another filing.Berkshire spent the last three months of the year revamping its bets on some other sectors. Buffett’s conglomerate cut a few bank holdings, exiting JPMorgan Chase & Co., PNC Financial Services Group Inc. and M&T Bank Corp. while slashing its Wells Fargo & Co. stake by 59%. The company also shifted a recent bet on drugmakers by increasing a stake in Merck & Co Inc., Abbvie Inc. and Bristol-Myers Squibb Co., while exiting a recent investment in Pfizer Inc.Berkshire also exited a bet on Barrick Gold Corp. The investment was a surprise when it was revealed last year, given Buffett’s years of chiding the precious metal.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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