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Warren Buffett's Berkshire Hathaway trims US$3.55 billion investment in General Motors – Financial Post

Published

3 years ago

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Berkshire has held General Motors shares for more than nine years, then pulled back on the investment in recent quarters

Author of the article:

Bloomberg News

Katherine Chiglinsky

General Motors' assembly plant in Oshawa, Ont.
General Motors’ assembly plant in Oshawa, Ont. Photo by Brent Lewin/Bloomberg files

Warren Buffett’s Berkshire Hathaway Inc. trimmed its investment in General Motors Co. for the third quarter in a row and pulled back on its pharmaceutical bets, while boosting a stake in Kroger Co.

The conglomerate’s GM investment was valued at US$3.55 billion at the end of June, according to a regulatory filing Monday. Berkshire’s Kroger stake was up 21 per cent during the second quarter, while the firm trimmed its bets on pharmaceutical companies including AbbVie Inc. and Bristol-Myers Squibb Co. The filing no longer showed a stake in Biogen Inc.

The conglomerate also pared back some of its bets on pharmaceutical companies, many of which the company disclosed last year as the pandemic swept the U.S. But it isn’t retreating entirely: Berkshire’s quarterly filing disclosed one new investment, a holding in the firm that Merck & Co. spun off recently called Organon & Co. Berkshire had already owned shares of Merck, and held a roughly US$712 million stake in the firm at the end of the second quarter.

The company also took its recent bets in the insurance brokerages in different directions. Berkshire trimmed its Marsh McLennan holding nearly 21 per cent during the second quarter. Meanwhile, Buffett’s firm boosted its Aon Plc stake 7.3 per cent. That broker recently canceled its planned US$30 billion takeover of rival Willis Towers Watson Plc.

Berkshire, which was an overall net seller of stocks during the period, also pulled back on Axalta Coating Systems Ltd. with Monday’s filing no longer showing a stake in that company. The conglomerate’s Chevron Corp. holding was also down 2.3 per cent with Berkshire still holding a roughly US$2.42 billion stake in the firm at the end of the second quarter.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

5 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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