Feb 18, 2009
Buffett sheds J&J stake
NEW YORK - BILLIONAIRE investor Warren Buffett's company sold more than half of its stake in Johnson & Johnson in the last three months of 2008.
Berkshire Hathaway filed documents with the Securities and Exchange Commission late Tuesday that provide a snapshot of its holdings at the end of 2008.
Berkshire revealed several other changes in its holdings, including:
# Sold about 4 million shares of the nation's third-largest oil company, ConocoPhillips, reducing its holdings to 79.9 million shares from 84 million.
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Among the most obvious changes was the shedding of about 33.1 million shares of the New Brunswick, New Jersey, drug and medical products maker as it reshuffled parts of its US$69.89 billion (S$107 billion) portfolio.
Buffett also sold about 9 per cent, or about 9.5 million shares, of consumer products giant Procter & Gamble. Berkshire still holds at least 96.3 million shares of the Cincinnati company.
Omaha, Nebraska-based Berkshire also sold its entire stake in Anheuser-Busch. The St. Louis-based brewer was bought by Belgium's InBev in November. Berkshire Hathaway held 13.7 million shares of the brewer on Sep 30.
Berkshire officials do not typically comment on the company's stock investments beyond what they are legally required to disclose, and spokeswoman Carrie Kizer said no one was immediately available to discuss the filing on Tuesday.
The filing does not differentiate between investments Berkshire makes, investments any of its more than 60 subsidiaries make, or investments Buffett himself makes as chairman and chief executive. -- AP