Warren Buffett's Berkshire makes new bets on drug stocks and T-Mobile, sells some Apple and JPMorgan

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Berkshire Hathaway reduces its stake in major banks, JP Morgan, PNC, M&T

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Warren Buffett's Berkshire Hathaway made a slew of big changes to its equity portfolio in the third quarter, including building new sizeable stakes in a few pharmaceutical stocks and dramatically cutting its longtime JPMorgan Chase investment.

The conglomerate bought 21.3 million shares of Abbvie, 22.4 millions of Merck, 3.7 million shares of Pfizer and 29.97 million shares in Bristol-Myers Squibb in the third quarter, according to a new 13F filing. Berkshire also picked up 2.4 million shares of T-Mobile last quarter.