The 94-year-old investor’s Berkshire Hathaway scooped up just over 5 million shares of UnitedHealth stock last quarter, securing a stake in the health insurer worth $1.6 billion at the end of June. The new holding was revealed in the conglomerate’s quarterly portfolio update, known as a 13F, on Thursday.
It’s unclear whether Buffett or one of his two investment managers, Todd Combs and Ted Weschler, made the stock pick. But it’s certainly notable as one of Berkshire’s final bets with Buffett at the helm. The “Oracle of Omaha” is set to retire at the end of this year.
UnitedHealth shares soared 13%% in premarket trading on Friday, likely due to the “Buffett Effect” where other investors trust the industry legend to make shrewd wagers and mimic his choices.
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