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. | 58.32 | +0.15 | +0.26% |
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. | 38.71 | +2.44 | +6.73% |
| PARA | PARAMOUNT GLOBAL | 10.97 | +0.16 | +1.48% |
| CE | CELANESE CORP. | 154.62 | +0.13 | +0.08% |
| MKL | MARKEL GROUP | 1,436.13 | +7.62 | +0.53% |
| MCK | MCKESSON CORP. | 518.81 | -7.11 | -1.35% |
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. | 157.57 | +1.17 | +0.75% |
| ATVI | n.a. | n.a. | n.a. | n.a. |
| VZ | VERIZON COMMUNICATIONS INC. | 40.13 | +0.35 | +0.88% |
| WFC | WELLS FARGO & CO. | 58.74 | +1.56 | +2.73% |
| ABBV | ABBVIE INC. | 164.66 | +0.41 | +0.25% |
| BMY | BRISTOL MYERS SQUIBB CO. | 48.30 | +0.46 | +0.96% |
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.