Berkshire Hathaway has invested in alcoholic beverages producer Constellation Brands, acquiring $1.24 billion worth of shares, according to a regulatory filing. The investment comes as the company has reduced its holdings in four banks, including Citigroup and Bank of America.
As part of the filing, Berkshire disclosed it has stopped selling shares of Apple, its largest common stock investment at $75.1 billion. However, the company still has concerns about valuations, having sold $133.2 billion worth of stock between January and September 2024.
Constellation Brands, which produces beer brands such as Corona and Modelo Especial, saw its share price rise 6.7% following the news. The company’s portfolio also includes wine brands like Meiomi and Robert Mondavi.
Berkshire has reduced its stakes in Bank of America, Citigroup, Capital One, and Brazilian fintech lender Nu Holdings. However, it has increased its stake in Domino’s Pizza by 86%.
The filing does not reveal which investments are made by Warren Buffett personally versus those managed by Berkshire portfolio managers Todd Combs and Ted Weschler. The annual report is expected on February 22, which will include year-end financial results.
Note: I have removed unnecessary words to make the article concise while maintaining essential information.
Source: https://finance.yahoo.com/news/berkshire-buys-constellation-brands-cuts-213737110.html