Warren Buffett's company is selling 35 million shares of its Phillips 66 stock back to the oil refiner for $3.3 billion.
The Teva share price jumped sharply in after-hours trading. That's a double-digit discount to that recent high. The companies said the repurchase will let Buffett's company reduce its investment below the 10 percent level that triggers additional regulations. "We remain one of Phillips 66's largest shareholders and plan to continue to hold the stock for the long term". Zacks Investment Research upgraded shares of Berkshire Hathaway from a "hold" rating to a "buy" rating and set a $227.00 target price for the company in a research note on Tuesday, January 9th. That's down from a more than 16% stake in the company before this week's sale.
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Berkshire also increased its Monsanto investment by 31% and now owns 11.7 million shares.
According to the last Berkshire annual report, the majority of the Phillips 66 holding was acquired for an average price of about $78.31 a share. At that purchase price, Buffett would have booked a almost 20% gain on this sale. With about 1.9% of Teva's US -traded shares, Berkshire became the tenth-biggest shareholder in the world's largest manufacturer of generic medicines. That's because he still believes "Phillips 66 is a great company with a diversified downstream portfolio and a strong management team". Phillips 66 had $54 billion of assets as of December 31, 2017. Buffett has been steadily selling IBM shares over the past year because the company hasn't performed as expected since he first bought shares in 2011. Meanwhile, it made excellent progress completing its growth projects, including starting up the Bakken Pipeline, adding more storage capacity at its Beaumont Terminal, and finishing up a $6 billion chemicals expansion along the Gulf Coast with joint venture partner Chevron (NYSE: CVX). Cash from these expansions will eventually flow up to Phillips 66 as they come on line in the coming years.
National Interstate Corporation and its subsidiaries operate as an insurance holding company that underwrites and sells traditional and alternative property and casualty insurance products to the passenger transportation, trucking and moving and storage industries, general commercial insurance to small businesses in Hawaii and Alaska and personal insurance to owners of recreational vehicles throughout the United States. In 2015, he disclosed a $4.5 billion stake in Phillips 66 and then continued to add to that holding.