Berkshire buys Johnson & Johnson and Sanofi-Aventis
Billionaire Warren Buffett's Berkshire Hathaway Inc. invested in Johnson & Johnson and Sanofi-Aventis SA this year and may have sold its stakes in Gap Inc. and Lexmark International Inc. The insurance and investment firm bought 1.97 million shares of Johnson & Johnson, the largest maker of medical devices, in the Q1, a filing with US Securities and Exchange Commission showed. In the Q2, Berkshire purchased 488,500 American depositary receipts of Paris-based Sanofi-Aventis, the No. 3 drugmaker. Buffett, often buys stakes in companies he deems undervalued. Shares of Johnson & Johnson, based in New Brunswick, New Jersey, increased 6.3% this year, underperforming the 7.9% gain in the Standard & Poor's 500 Pharmaceuticals Index. Sanofi-Aventis's stock fell 2.8% in the Q2, its first quarterly decline in two years. Berkshire, based in Omaha, Nebraska, said it had been allowed to keep the Johnson & Johnson stake confidential until today and is still omitting certain holdings. The company didn't mention Gap, the largest US clothing chain, or Lexmark, the No. 2 US maker of computer printers, in the June 30 report. A comparable filing for March 31 showed 10 million shares of San Francisco-based Gap and 2.5 million of Lexmark, which is based in Lexington, Kentucky. Berkshire trimmed its shares of H&R Block Inc., the largest US tax preparer, and boosted its holding of Iron Mountain Inc., the largest seller of records-management services. The H&R Block stake dropped to 11.4 million shares from 16.1 million, while Iron Mountain rose to 5.02 million shares from 3.48 million. (Bloomberg)
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.