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

Published Mon, Nov 16 20204:25 PM ESTUpdated Mon, Nov 16 20204:51 PM EST

(This story is for CNBC Pro subscribers only.) 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. AbbVie, Merck, Bristol-Myers positions are among the 20 biggest held by the conglomerate now, according to InsiderScore.com. Meanwhile, Berkshire trimmed its Apple stake by just 3.7% to about 944 million shares. The tech giant remains Berkshire's biggest holding in its equity portfolio. Berkshire's massive stake in Apple has been a lucrative bet for the conglomerate. As the tech giant's second largest shareholder, Berkshire has reaped billions of dollars from the investment this year as Apple shares soared. The stock gained nearly 27% in the third quarter, pushing its 2020 rally to 64%. In the third quarter, the conglomerate sold most of its JPMorgan Chase position, cutting the stake by 96% to less than 1 million shares worth $93 million from 22.2 million shares. Berkshire also dialed back its investments in M & T Bank , PNC Financial and Wells Fargo . Here's a look at where the top holdings stand. Berkshire cut its relatively new stake in gold miner Barrick Gold by 42% to about $563 million in the third quarter. The investment was considered an unusual move for Berkshire as Buffett has long professed a dislike for gold, preferring assets that have cash flows. While Buffett made some notable moves, his biggest bet during the quarter was on Berkshire itself. The conglomerate scooped up a record $9 billion of its own stock last quarter as profits dropped more than 30% year over year with the pandemic hitting its railroads, utilities and insurance businesses. Despite the company's record buybacks, Berkshire's cash hoard still stands at $145.7 billion through the end of the third quarter. Berkshire Class A shares gained more than 14% this month alone to $346,800 apiece, bringing its 2020 gains to about 2%.

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

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(This story is for CNBC Pro subscribers only.)

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.