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. | 70.16 | +0.42 | +0.60% |
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. | 39.46 | +0.03 | +0.08% |
| PARA | PARAMOUNT GLOBAL | 10.77 | +0.13 | +1.22% |
| CE | CELANESE CORP. | 72.94 | +0.09 | +0.12% |
| MKL | MARKEL GROUP | 1,786.44 | +8.35 | +0.47% |
| MCK | MCKESSON CORP. | 626.70 | +1.82 | +0.29% |
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. | 162.09 | -0.41 | -0.25% |
| ATVI | NO DATA AVAILABLE | - | - | - |
| VZ | VERIZON COMMUNICATIONS INC. | 44.40 | +0.03 | +0.06% |
| WFC | WELLS FARGO & CO. | 77.20 | -0.11 | -0.14% |
| ABBV | ABBVIE INC. | 183.09 | +1.93 | +1.07% |
| BMY | BRISTOL MYERS SQUIBB CO. | 59.25 | +0.52 | +0.89% |
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.