Warren Buffett's Berkshire Hathaway Inc on Friday said it has taken a $549....
- Warren Buffett’s Berkshire Hathaway Inc on Friday said it has taken a $549.1 million stake in Kroger Co, investing in the largest U.S. supermarket chain as smaller rivals struggle.
Berkshire has sold more than 86 million shares, or 21%, of its Wells Fargo stake since June 30, as the bank tries to restore its reputation following scandals over its mistreatment of customers. Investors monitor Berkshire’s quarterly filings to see where Buffett and his portfolio managers Ted Weschler and Todd Combs, who is also chief executive of Berkshire’s Geico car insurer, see value.
Kroger, in which Berkshire disclosed an 18.94 million share stake, has invested heavily to expand online, upgrade stores and improve deliveries to compete with Walmart Inc and Amazon.com Inc, the latter also a Berkshire holding. The Goldman stake shrank 35% to 12 million shares worth $2.8 billion. That stake had its origins in Buffett’s lucrative foray into Goldman preferred stock during the 2008 financial crisis.
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