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Warren Buffett's Hathaway buys Teva, more Apple and dumps IBM

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Warren Buffett’s Berkshire Hathaway took a new position in Teva Pharmaceutical Industries, bought more Apple and dumped most of its remaining shares in IBM.

The billionaire investor held about 2 million shares of IBM at the end of 2017, down from more than 37 million shares three months earlier, according to a regulatory filing Wednesday from the Omaha-based conglomerate.

The selling of Big Blue signals Buffett is moving on from what he has publicly admitted was one of his biggest investing mistakes. “I thought it would do better,” Buffett told shareholders last May at the company’s annual meeting. Back in 2011 he surprised investors when he amassed a huge stake in IBM, as he had long steered clear of tech stocks, saying he didn’t understand them well enough.

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But Buffett hasn’t given up on tech altogether. Berkshire bought 31.2 million more shares of iPhone maker Apple in the final three months of 2017, boosting its count to 165.3 million shares. As of Thursday’s close, Buffett’s Apple stake, which he began building in 2016, was valued at roughly $27.7 billion.

Berkshire’s newest investment is Israeli-based Teva Pharmaceutical Industries. It built a stake of 18.9 million shares, valued at $365.3 million at Thursday’s closing price of $19.33. The shares were up nearly 8% in afterhours trading.

The foray into the drug business wasn’t totally unexpected, as Berkshire, along with J.P. Morgan and Amazon announced last month that they were planning on starting their own health-care company with the goal of making drugs more affordable for their workers.

Buffett’s Berkshire also added to its positions in Bank of New York Mellon, Monsanto, and U.S. Bancorp.

The company trimmed its position in General Motors by 10 million shares, Wells Fargo by 6 million shares and American Airlines by 1 million shares.

 

 

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