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August 16, 2022 at 02:15 PM
Berkshire Hathaway Inc. eliminated a Verizon Communications Inc. stake in the second quarter as the conglomerate run by billionaire Warren Buffett made tweaks to its portfolio and dialed back on stock purchases.
Berkshire boosted other bets during the second quarter.
Its stake in media company Paramount Global is currently valued at about $2.1 billion, and an investment in chemical maker Celanese Corp. is at almost $1.1 billion, according to a filing Monday.
The company had reported a Verizon holding of 1.38 million shares three months earlier.
Buffett’s firm made $3.8 billion in net stock purchases during the second quarter, down from $41 billion in the prior period. The company also spent less on share repurchases in the second quarter.
Berkshire increased its stake in Occidental Petroleum Corp. more than it did any other firm, but the latest filing doesn’t reflect the full scope of that bet. The conglomerate reported last week that its stake in the energy firm had climbed to 188 million shares, more than 20% of shares outstanding.
