Buffett's Berkshire invests in four big drugmakers

(Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Monday it has begun investing in the stocks of four large drugmakers. In a regulatory filing detailing its U.S.-listed investments as of Sept. 30, Berkshire disclosed new stakes in Abbvie Inc , Bristol-Myers Squibb Co and Merck & Co of more than $1.8 billion (£1.3 billion) each, and a new $136 million stake in Pfizer Inc

Reuters November 17, 2020 04:05:24 IST
Buffett's Berkshire invests in four big drugmakers

Buffetts Berkshire invests in four big drugmakers

(Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Monday it has begun investing in the stocks of four large drugmakers.

In a regulatory filing detailing its U.S.-listed investments as of Sept. 30, Berkshire disclosed new stakes in Abbvie Inc , Bristol-Myers Squibb Co and Merck & Co of more than $1.8 billion (£1.3 billion) each, and a new $136 million stake in Pfizer Inc .

Investors monitor Omaha, Nebraska-based Berkshire's quarterly filings to see where Buffett and his portfolio managers Todd Combs and Ted Weschler see value.

Shares of the four drugmakers rose in after-hours trading, which often occurs when Berkshire discloses new investments, reflecting what investors view as Buffett's imprimatur.

Berkshire did not say whether Buffett made the investments, though larger investments are normally his.

The investments look similar to the multi-billion dollar stakes that Berkshire recently maintained in the four largest U.S. airlines, before selling them in April amidst the coronavirus pandemic.

In Monday's filing, Berkshire also revealed a new $276 million stake in wireless phone company T-Mobile US Inc .

(Reporting by Jonathan Stempel in New York; Editing by Chris Reese and Sandra Maler)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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