Berkshire Hathaway Takes Stake in Verizon -- Filing

By Dow Jones Business News, 
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By Anupreeta Das

Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) bought 11 million shares of Verizon Communications (VZ) and reduced its stake in General Motors Co. ( GM ) and DirecTV ( DTV ) during the first quarter, according to a regulatory filing.

The Verizon stake was valued at about $524 million as of the end of March. Given the size of the stake, it's likely to be a purchase made by one of Mr. Buffett's two investment managers.

The Omaha, Neb.-based investor has previously said he typically picks the big, multibillion-dollar positions for Berkshire while his managers, Ted Weschler and Todd Combs, buy smaller stakes.

Each of the two managers has over $7 billion to manage in a U.S. portfolio of 45 stocks valued at roughly $106 billion. During the quarter, Berkshire reduced its stake in satellite television company DirecTV, another investment of the duo, by 2 million shares. Berkshire still owns 34.5 million shares of DirecTV, which were valued at $2.6 billion at the end of the first quarter.

The Wall Street Journal has reported that AT&T Inc. (T) is in talks to buy DirecTV for about $50 billion. At that price, Berkshire stands to make a profit on its holding of the stock.

Berkshire also cut its position in General Motors by 10 million shares, and now owns 30 million shares valued at about $1 billion.

The company increased its stake in International Business Machines Corp. ( IBM ) slightly. IBM, along with Wells Fargo & Co. (WFC), Coca-Cola Co. (KO) and American Express ( AXP ), are Mr. Buffett's "Big Four" stocks, collectively worth more than $60 billion.

Write to Anupreeta Das at Anupreeta.Das@wsj.com

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  (END) Dow Jones Newswires
  05-15-141701ET
  Copyright (c) 2014 Dow Jones & Company, Inc.


This article appears in: Mutual Funds , Commodities

Referenced Stocks: AXP , BRK.A , DTV , GM , IBM

Dow Jones Business News


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