Buffett's Berkshire Hathaway doubles Teva stake

Warren Buffett Photo: ASAP Creative

Teva's share price jumped in after-market trading after it was revealed that Berkshire Hathaway now has a 3.45% holding in Teva.

Berkshire Hathaway, controlled by the "oracle of Omaha" Warren Buffett, has doubled its stake in Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). After the close of trading on Wall Street last night, Berkshire Hathaway published its holdings as of March 31, 2018 sending Teva's share price up nearly 5% in after-hours trading.

At the end of 2017, Berkshire Hathaway revealed that it had bought 19 million shares in Teva for a 1.8% stake in the Israeli pharmaceutical company for $358 million, worth about $360 million at the close of trade yesterday. The share price soared after the news of Berkshire Hathaway's original investment but fell back somewhat when Buffett revealed that he had not personally picked the stock and had no idea why his deputies had done so.

Last night investors learned that Buffett's company now holds 40.5 million Teva shares worth about $693 million and representing a 3.45% stake in Teva, which has a market cap of $20.5 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Warren Buffett Photo: ASAP Creative
Warren Buffett Photo: ASAP Creative
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