Buffett's Berkshire Hathaway again increases Teva stake

Warren Buffett Photo: ASAP Creative

Berkshire Hathaway now holds 43.25 million shares in the Israeli pharmaceutical company, worth nearly $1 billion.

Berkshire Hathaway, controlled by the "oracle of Omaha" Warren Buffett, has increased its stake in Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) for the third consecutive quarter. After the close of trading on Wall Street last night, Berkshire Hathaway published its holdings as of June 30, 2018 sending Teva's share price up 2.5% in after-hours trading.

At the end of 2017, Berkshire Hathaway revealed that it had bought 19 million shares in Teva for a 1.8% stake in the Israeli pharmaceutical company for $358 million. At the end of the first quarter, Berkshire Hathaway nearly doubled that stake to 3.45%. Now as of the end of the second quarter, Berkshire Hathaway has increased that stake by about 7% and now holds 43.25 million Teva shares worth nearly $1 billion, giving Buffett's company a 4.2% stake in Teva.

The share price soared after the news of Berkshire Hathaway's original investment but fell back somewhat when Buffett revealed that he had not personally picked the stock and had no idea why his deputies had done so.

Teva's share price closed up 0.77% on Wall Street last night at $22.12, giving a market cap of $22.5 billion. After news of Berkshire Hathaway's latest investment, the share price rose 2.5% in afterhours trading.

Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Warren Buffett Photo: ASAP Creative
Warren Buffett Photo: ASAP Creative
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018