Phillips 66 Repurchases 35 Million Shares from Berkshire for $3.3 Billion

Phillips 66 is buying back the stock for $93.725 a share in an agreement valued at $3.3 billion

Teva shares rose more than 10 percent after market hours, reflecting what investors perceive as Berkshire's seal of approval for the Israeli drugmaker. He added more to that investment in the fourth quarter, boosting Berkshire's total stake in the iPhone maker by 23 per cent to about 165 million shares. Vetr raised Berkshire Hathaway from a "hold" rating to a "buy" rating and set a $212.93 target price on the stock in a research report on Monday. Buffett has been steadily selling IBM shares over the past year because the company hasn't performed as expected since he first bought shares in 2011. "We are committed to running our assets safely and reliably, growing our Midstream and Chemicals businesses, enhancing our Refining and Marketing returns, and rewarding our shareholders through a secure, competitive and growing dividend along with continued share repurchases".

Berkshire at one time owned roughly 81 million IBM shares, for which it paid about US$13.8 billion.

Stock worth $5bn was sold off, reducing Berkshire's stake to $314m, filings with the Securities and Exchange Commission (SEC) revealed.

According to the filing, Berkshire sold 94.5 percent of its investment in the Armonk, New York-based company, bringing its stake in IBM down to just 2.05 million shares at the end of December.

Teva shares surged as much as 8.9% in Tel Aviv trading. Mr. Combs and Mr. Weschler are generally responsible for Berkshire's smaller investments. Worse, rival drugmakers began selling cheaper copies of Copaxone, a blockbuster multiple sclerosis injection, dragging profits of Teva's highest grossing product. Berkshire will retain 10% stake.

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"IBM is a big strong company, but they've got big strong competitors too", Buffett told CNBC previous year. It also trimmed its Wells Fargo (NYSE: WFC) stake by six million shares to 458 million, and its stake in General Motors (NYSE: GM) by 10 million shares, to 50 million. Berkshire owns 9.3% of the bank and Buffett also owns shares in his personal portfolio, and he has mentioned previously that some selling would be necessary.

Its Sanofi investment was also decreased, but by a negligible amount - at just over 27,000 shares.

Buffett told CNBC in early January that Berkshire was a net buyer of stocks early this year, so it's possible that it could be making a dent in its stash of cash now.

The stock lost almost half its value in 2016 and the following year again.

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