Warren Buffett's Berkshire Hathaway takes Citigroup stake

Stocks rally as retail earnings kick off

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Citigroup shares climbed over 8% during Monday's trading session after Warren Buffett's Berkshire Hathaway disclosed a new stake in the bank. 

BUFFETT'S BERKSHIRE HATHAWAY BUYS EVEN MORE OCCIDENTAL SHARES

According to a new 13F filing with the Securities and Exchange Commission, Berkshire added more than 55 million Citigroup shares worth approximately $2.95 billion.

TickerSecurityLastChangeChange %
CCITIGROUP INC.47.46-0.18-0.38%

The move comes as Citigroup stock is down nearly 20% year to date. The company is currently undergoing a transformation led by its new CEO Jane Fraser. 

During the first quarter of 2022, Citigroup reported net income of $4.3 billion, or $2.02 per share, on revenue of 19.2 billion. For the full year, the company is currently forecasting low single-digit revenue growth and mid-single-digit expense growth, both excluding divestiture-related impacts. 

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In addition to Citigroup, Berkshire has built new stakes in Ally Financial, Paramount Global, insurer Markel, chemical maker Celanese Corp. and pharmaceutical distributor McKesson Corp.

TickerSecurityLastChangeChange %
ALLYALLY FINANCIAL INC.38.73-0.85-2.15%
PARAPARAMOUNT GLOBAL31.95+3.94+14.04%
CECELANESE CORP.155.49+10.63+7.34%
MKLMARKEL1,325.11-0.34-0.03%
MCKMCKESSON CORP.327.83+3.59+1.11%

The company also increased its holdings and Chevron and Activision Blizzard, trimmed its stake in Verizon Communications and exited its positions in Wells Fargo, AbbVie and Bristol Myers Squibb. 

TickerSecurityLastChangeChange %
CVXCHEVRON CORP.173.01+5.14+3.06%
ATVIACTIVISION BLIZZARD INC.78.00+0.26+0.33%
VZVERIZON COMMUNICATIONS INC.49.04+0.86+1.78%
WFCWELLS FARGO & CO.42.21-0.43-1.01%
ABBVABBVIE INC.155.47+1.97+1.28%
BMYBRISTOL MYERS SQUIBB CO.76.91+1.11+1.46%

Outside its investments, Berkshire owns more than 90 businesses across the insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services sectors.

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