Warren Buffett poses with Geico Gecko Martin before Berkshire Hathaway’s annual shareholder meeting on May 3, 2024 in Omaha, Nebraska.
David A. Grogan | David A. Grogan CNBC
Before Christmas, Buffett went on a shopping spree on the stock market, buying occidental petroleum corp. During the rapid sell-off in December.
Berkshire Hathaway It bought an additional 8.9 million shares of the Houston-based energy producer for $405 million in transactions on Tuesday, Wednesday and Thursday, according to a regulatory filing late Thursday. The proportion exceeds 28%.
The Omaha-based conglomerate also purchased about 5 million shares during the same time frame SiriusXM Approximately $113 million and approximately 234,000 shares VeriSign About $45 million. The two holdings were much smaller, so the trades could be conducted by Buffett’s investment lieutenants, Todd Coombs and Ted Weschler.
All told, Berkshire bought more than $560 million worth of stock over the past three trading days.
The 92-year-old legendary investor appears to have taken advantage of the market pullback to make these stocks cheaper.
Occidental Petroleum shares have fallen more than 10% this month, bringing its 2024 loss to 24%. The energy company, once famous for being founded by legendary oilman Armand Hammer, is Berkshire Hathaway’s sixth-largest holding. Buffett ruled out a full acquisition.
occidental petroleum corp.
Sirius XM’s sell-off was even more dramatic. The New York-based satellite broadcaster is now on a six-day losing streak, down 23% this month and 62% this year.
Berkshire is upping the ante after billionaire John Malone’s Liberty Media closes deal early September Merge its tracking stock with other shares of audio entertainment companies. Now, Berkshire’s shareholding ratio has risen to about 35%. SiriusXM has struggled with subscriber churn and adverse demographic changes.
Internet company VeriSign also experienced a difficult year, with its stock price falling 6% in 2024, significantly lagging behind the technology industry. Berkshire first bought the technology stock in 2013 and hasn’t adjusted its stake in the company over the years.
