Warren Buffett spent more than $350 million to buy these stocks in the past week
By Tomi Kilgore
Buffett's Berkshire Hathaway now owns roughly 30% of Liberty SiriusXM shares outstanding
Warren Buffett has been busy during a relatively quiet week, as he has been bulking up his stake on Liberty SiriusXM tracking stocks.
In Form 4 filings with the US. Securities and Exchange Commission over the past week, Buffett's investment vehicle, Berkshire Hathaway Inc. (BRK.B) (BRK.A), disclosed that it paid about $257.95 million to buy 8.9 million Liberty SiriusXM Series C stock (LSXMK) at a weighted-average price of $29.06.
Berkshire also disclosed paying $110.32 million to buy 3.8 million shares of Liberty Sirius XM Series A stock (LSXMA) at an average price of $29.
The Series A shares have voting rights, but the Series C shares don't.
In total, Berkshire bought 12.68 million shares for $368.3 million.
Buffett now owns about 30% of Liberty SiriusXM's outstanding shares.
The Series A shares have gained 3.3% this week through Thursday and the Series C shares have advanced 3.4%. In comparison, the S&P 500 index SPX has edged up 0.4% this week.
Liberty SiriusXM is basically a tracking stock of Sirius XM Holdings Inc. (SIRI), the subscription-based satellite-radio service.
Liberty SiriusXM's "business" is that it owns a little more than 80% of Sirius XM, and about $1.7 billion of Sirius XM's estimated net liabilities, which includes convertible debt. Therefore, it is seen as trading at a discount to Sirius XM shares.
In Berkshire's latest 13-F filing of its equity holdings, the company said it owned 40.2 million shares of Sirius XM as of Dec. 31. At the time, it was valued at $221.1 million.
Year to date, Sirius XM's stock has tumbled 29.1%, while Berkshire's Class B stock has rallied 17.9% and the S&P 500 has gained 10.2%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
03-30-24 0633ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing