Warren Buffett Takes New Stakes in Verizon, Chevron

Berkshire Hathaway's SEC filing shows portfolio trimmed Apple holding.
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Berkshire Hathaway  (BRK.A) - Get Report  (BRK.B) - Get Report said Tuesday it has acquired an $8.6 billion stake in Verizon Communications  (VZ) - Get Report and a $4.1 billion stake in Chevron Corp.  (CVX) - Get Report, according to a regulatory filing with the Securities and Exchange Commission for Warren Buffett’s company, detailing its holdings at the end of 2020.

Berkshire Hathaway exited its position in JPMorgan Chase  (JPM) - Get Report, sold all its shares in Barrick Gold  (GOLD) - Get Report, and cut its stake in Apple  (AAPL) - Get Report by about 6%, although Apple is still its largest holding.

Berkshire Hathaway owns about 147 million shares of Verizon, a stake Yahoo Finance valued at approximately $8.6 billion at the end of last year, making it the 6th largest position in the Berkshire Hathaway portfolio.

Shares of Verizon fell 0.09% in regular trade Tuesday, but were up about 2.66% in after-hours trade. 

The telecommunications and media giant recently reported fourth-quarter earnings and an outlook that were stronger than analysts expected. Net income was $4.72 billion, or $1.11 a share, down from $5.22 billion, or $1.23, in the year-earlier quarter.

The latest adjusted earnings per share were $1.21, up from $1.13 a year earlier and above the $1.17 forecast by analysts. Revenue totaled $34.69 billion in the quarter, eased from $34.78 billion in the year-ago quarter but above the FactSet analyst consensus of $34.45 billion.

On Tuesday, Chevron stock gained 2.05% for the day and were up more than 2% in late trade.

Apple shares edged lower in late trade, off about 0.14%.

On Wall Street Tuesday, the Dow Jones Industrial Average closed at a record in mixed trading. All three key indexes had earlier extended Friday's records on hopes for fiscal stimulus and better vaccine distribution.

The Dow Jones Industrial Average finished up 64 points, or 0.2%, to 31,522. The blue-chip index had risen as much as 150 points earlier in the session.

The S&P 500 eased 0.06% while the Nasdaq Composite finished 0.34% lower.