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AP National Business

Buffett’s firm trims drugmaker stakes, buys 2 new stocks

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Published 6:01 PM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Investor Warren Buffett’s company made two new investments during the third quarter while trimming its holdings in several drugmakers and financial firms. Buffett’s Berkshire Hathaway revealed new stakes Monday in Royalty Pharma, which invests in drug development, and specialty flooring retailer Floor & Decor. Besides those two new investments and a move to increase its stake in Chevron, all of Berkshire’s other moves in the quarter were to trim several of its holdings. Berkshire sold off its investments in Merck and its spinoff Organnon & Co., and reduced its stakes in drugmakers Abbvie and Bristol-Myers Squibb. It also scaled back holdings in Visa, Mastercard and US Bancorp stock.

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