Business Tycoon Warren Buffet's Berkshire Hathaway has bought new stakes in Verizon stock, Chevron (CVX) and Marsh & McLennan, according to a regulatory filing on Tuesday. These bets were confidential and not revealed in the third quarter regulatory filing.

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Interestingly, the conglomerate has cut its stake in Apple by 6 percent but the iPhone maker remains the number 1 stock in his portfolio in terms of market value. Berkshire's stake in Apple is still valued at a staggering $120 billion, according to another filing. It's the number 2 stock in the portfolio in terms of the number of shares.

According to a report in Investors.com, the American ace investor Verizon stock is worth $8.62 billion for 147 million shares, which now account for 3 percent of Berkshire's total portfolio. In terms of the number of shares, Buffet's stake makes American telecommunications firm 6th in his portfolio.

Among the stocks that Berkshire dumped entirely were Pfizer, JPMorgan Chase, Barrick Gold, M&T Bank and PNC Financial.

Berkshire's investment in Chevron was valued at nearly $4.1 billion at the end of 2020; its Marsh & McLennan stake was valued at $499 million.

Besides these, the conglomerate has also increased stakes by 117 percent in T-Mobile, 34 percent in Kroger, 28 percent in Merck, 20 percent in AbbVie, 11 percent in Bristol-Myers Squibb, and 1 percent in RH (RH), according to a report.

After investing heavily in the banking sector, which did well even during the pandemic, the company has now decided to trim several bank stocks. It, however, remains heavily invested in Bank of America where the company had invested $2billion in Q3.

The news saw prices of Verizon stock and Chevron rallying by 2.7 percent and 2.3 percent respectively in the late trading. Apple, wherein the company cut its holdings, witnessed a dip of 0.1 percent. Merck, Bristol Myers and AbbVie grew by 0.3 percent.

First Published:Feb 17, 2021 11:45 AM IST