According to a new 13F filing with the Securities and Exchange Commission, Berkshire added more than 55 million Citigroup shares worth approximately $2.95 billion.
The move comes as Citigroup stock is down nearly 20% year to date. The company is currently undergoing a transformation led by its new CEO Jane Fraser.
During the first quarter of 2022, Citigroup reported net income of $4.3 billion, or $2.02 per share, on revenue of 19.2 billion. For the full year, the company is currently forecasting low single-digit revenue growth and mid-single-digit expense growth, both excluding divestiture-related impacts.
In addition to Citigroup, Berkshire has built new stakes in Ally Financial, Paramount Global, insurer Markel, chemical maker Celanese Corp. and pharmaceutical distributor McKesson Corp.
|ALLY||ALLY FINANCIAL INC.||28.51||-1.34||-4.49%|
The company also increased its holdings and Chevron and Activision Blizzard, trimmed its stake in Verizon Communications and exited its positions in Wells Fargo, AbbVie and Bristol Myers Squibb.
|ATVI||ACTIVISION BLIZZARD INC.||74.33||-0.62||-0.83%|
|VZ||VERIZON COMMUNICATIONS INC.||38.93||-0.59||-1.49%|
|WFC||WELLS FARGO & CO.||40.01||-0.40||-0.99%|
|BMY||BRISTOL MYERS SQUIBB CO.||70.15||-0.56||-0.79%|
Outside its investments, Berkshire owns more than 90 businesses across the insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services sectors.