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
Access Investor Kit for AT&T, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US00206R1023
Access Investor Kit for American Express Co.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US0258161092
Access Investor Kit for Berkshire Hathaway, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US0846701086
Access Investor Kit for Berkshire Hathaway, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US0846707026
Access Investor Kit for The Coca-Cola Co.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US1912161007
Access Investor Kit for DIRECTV
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US25490A3095
Access Investor Kit for General Motors Co.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US37045V1008
Access Investor Kit for International Business Machines
Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US4592001014
Access Investor Kit for Verizon Communications, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US92343V1044
Access Investor Kit for Wells Fargo & Co.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US9497461015
Subscribe to WSJ: http://online.wsj.com?mod=djnwires