Warren Buffett's Berkshire Hathaway Inc has stepped up its pace of stock buybacks, repurchasing more than $1.8 billion of its own stock this year.
Warren Buffett, CEO of Berkshire Hathaway Inc, tours the exhibit hall at the company's annual meeting in Omaha, Nebraska, U.S., May 5, 2018. REUTERS/Rick Wilking/File Photohas stepped up its pace of stock buybacks, repurchasing more than $1.8 billion of its own stock this year.
In its proxy filing on Friday, Berkshire said that as of March 8 it had the equivalent of 1,455,698 Class A shares outstanding, down 4,035 from year end and 2,537 from Feb. 13, reflecting the repurchases. Berkshire's repurchases have also included Class B shares, which normally cost about 1/1500th as much as Class A shares.
The Class A shares closed on Friday at $442,765, their low for the year, while the Class B shares closed at $293.51, near their low.They suggest that Buffett and fellow billionaire Vice Chairman Charlie Munger, who handle major capital allocation decisions, still view Berkshire's stock as undervalued, and repurchases as a prudent use of the company's cash.
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