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Warren Buffett’s Berkshire Hathaway disclosed a new $6.72 billion investment in insurance company Chubb in a regulatory filing Wednesday, sending the company’s stock price to an all-time high.
Berkshire owned 25.92 million Chubb shares as of March 31, according to a regulatory filing detailing Berkshire’s U.S.-listed holdings as of that date.
Chubb shares were down just 0.13% during the day’s trading, but jumped more than 7.5% in after-hours trading to $271.96 per share as of Wednesday night, a record high.
These increases reflect subsequent upward trends in stock prices. berkshire hathaway They’re revealing them as new portfolio holdings because they reflect what investors consider Buffett’s endorsement.
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Warren Buffett’s Berkshire Hathaway disclosed a huge new investment in insurance company Chubb in a regulatory filing Wednesday. (Christopher Goodney/Bloomberg via Getty Images/Getty Images)
“Chubb is an attractive equity investment for Berkshire because it operates in a business that Berkshire knows well. Property liability insurance” Kathy Seifert, a CFRA Research analyst covering Berkshire, said in an email seen by Reuters.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BRK.B | Berkshire Hathaway Co., Ltd. | 412.76 | +2.52 | +0.61% |
| BRK.A | Berkshire Hathaway Company | 622,815.02 | +3,565.02 | +0.58% |
| C.B. | Chubu Co., Ltd. | 252.97 | -0.19 | -0.08% |
Berkshire had $189 billion in cash and equivalents at the end of the March period, the largest stockpile ever for Buffett’s conglomerate, according to filings.
Buffett suggested at Berkshire’s annual meeting on May 4 that the company’s cash holdings could rise to $200 billion by June. He said at the time that holding cash looked “very attractive” as an alternative to overpriced stocks and uncertainty over “what’s going on in the world.”
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Chubb stock soared to an all-time high on news that Berkshire acquired more than $6.7 billion in stock in the company. (Budrul Chukrut/SOPA Images/LightRocket via Getty Images / Getty Images)
Berkshire has reduced apple stock As of March 31st, the company was up about 22% to $135 billion, and the sale generated an after-tax investment gain of $11.2 billion. Buffett said he expects Apple to remain Berkshire’s largest stock investment for some time, despite reducing its stake in the tech giant.
The company began buying Chubb shares in the third quarter of last year and received permission from the government. Securities and Exchange Commission (SEC) To temporarily maintain the confidentiality of your purchases.
Mr. Buffett’s company occasionally makes such requests to delay the release of an investment until it has purchased the intended amount of stock, in order to prevent other investors or the general public from purchasing the stock. take advantage of shopping.
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Berkshire has received similar SEC clearance in recent years for its Chevron investment and previous investments in ExxonMobil, IBM and Verizon.
The filing does not indicate whether the investments were made by Buffett or Berkshire portfolio managers Todd Combs and Ted Weschler.
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Buffett, 93, has run Berkshire since 1965 and spoke at length about his succession plans at Berkshire’s annual meeting earlier this month.
Reuters contributed to this report.
