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Stocks jumped more than 7% after regulatory filing
Author of the article:
Bloomberg News
Alexandre Rajbhandari
Published Nov 15, 2024 • 1 minute read
Berkshire Hathaway Inc. bought stock in Domino’s Pizza Inc. and Pool Corp. during the third quarter as chairman Warren Buffett cut back on some long-held investments. Shares of the two new holdings jumped in late New York trading.
The founder of the Omaha, Nebraska-based conglomerate acquired about 1.3 million shares in the pizza retailer, giving Berkshire a 3.6 per cent stake valued about US$550 million, the company said in a regulatory filing Thursday.
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Berkshire also bought a 1 per cent stake in pool equipment wholesale distributor Pool Corp. valued at about US$152 million.
Meanwhile, Buffett’s firm sold most of its shares in cosmetics retailer Ulta Beauty, a holding it originally acquired in the previous quarter. Ulta Beauty shares fell more than 4 per cent in extended trading. Domino’s and Pool added more than 7 per cent after-hours immediately after the filing.
The 94-year-old investing guru, whose moves are widely followed and imitated by devoted followers, has whittled down some of his marquee holdings in recent months, cutting Apple Inc. by about 25 per cent and Bank of America Corp. to bring it below the 10 per cent threshold.
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The disposals of Apple shares reduced Berkshire’s allocation to the technology sector by about 3 per cent. All told, Berkshire reported US$34.6 billion of net share sales in the three months through September. Combined with the absence of a share buyback during the quarter, the sales pushed Berkshire’s cash hoard to a record US$325.2 billion.
“We’d love to spend it,” Buffett told shareholders about the cash pile in May, “but we won’t spend it unless we think we’re doing something that has very little risk and can make us a lot of money.”
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