Warren Buffett's Berkshire Hathaway takes Citigroup stake
Other new stakes include Ally Financial, Paramount Global, Markel, Celanese Corp. and McKesson Corp.
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Citigroup shares climbed over 8% during Monday's trading session after Warren Buffett's Berkshire Hathaway disclosed a new stake in the bank.
BUFFETT'S BERKSHIRE HATHAWAY BUYS EVEN MORE OCCIDENTAL SHARES
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| C | CITIGROUP INC. | 68.95 | +0.67 | +0.98% |
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.
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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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALLY | ALLY FINANCIAL INC. | 37.19 | +1.66 | +4.67% |
| PARA | PARAMOUNT GLOBAL | 11.09 | +0.51 | +4.82% |
| CE | CELANESE CORP. | 75.01 | +2.15 | +2.95% |
| MKL | MARKEL GROUP | 1,718.45 | +24.33 | +1.44% |
| MCK | MCKESSON CORP. | 628.27 | +7.13 | +1.15% |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 161.63 | +0.33 | +0.20% |
| ATVI | NO DATA AVAILABLE | - | - | - |
| VZ | VERIZON COMMUNICATIONS INC. | 42.50 | +0.28 | +0.66% |
| WFC | WELLS FARGO & CO. | 74.83 | +1.26 | +1.71% |
| ABBV | ABBVIE INC. | 171.78 | +4.04 | +2.41% |
| BMY | BRISTOL MYERS SQUIBB CO. | 58.23 | +0.35 | +0.61% |
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.