NEW YORK (TheStreet) - Warren Buffett told CNBC on Wednesday he has increased his investment in IBM (IBM) and he abstained from supporting a multi-year compensation plan floated by Coca-Cola (KO) in the soda giant's 2013 annual proxy.
Buffett said he has increased his investment in IBM to a little over $13 billion, after the IT software and services giant continues to post declining revenue and lackluster earnings. "I have never sold a share in IBM," Buffett told CNBC when asked to comment on a rumor that he'd soured on one of Berkshire Hathaway's (BRK.A) so-called 'big four' investments.
When Buffett took an over $10 billion stake IBM in late 2011, the billionaire investor said he was supportive of a multi-year share buyback plan put in place, and would benefit if the company's share performance stagnated. That's proven to be the case.
After exceeding $200 a share, IBM's stock performance has tailed off. Shares have gained less than 1% in the past 12-months, excluding dividends, under-performing the Dow Jones Industrial Average.
No Vote on Coke's Comp
Buffett also told CNBC he abstained from voting in favor of a four year compensation plan put forward by Coca-Cola, another large investment of Berkshire Hathaway.
Because Buffett supports Coca-Cola CEO Muhtar Kent and his son, Howard Buffett, sits on the company's board of directors, Berkshire did not vote against the compensation plan.
Wintergreen Advisors, a little known investment fund, criticized the equity plan and stated in March it amounted to 14.2% of Coca-Cola's equity capital. In April, the fund wrote a letter addressed to Buffett advising him to vote against the plan.