Citigroup Is Now a Warren Buffett Stock -- Here's Why Berkshire Hathaway Bought in Q1
As stocks were getting creamed in the first three months of the year, legendary investor Warren Buffett and Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) went on a shopping spree -- particularly in the financials sector.
In Berkshire Hathaway's Form 13F regulatory filing, which shows what stocks the conglomerate bought and sold in the first quarter, the company revealed that it had bought a stake in embattled megabank Citigroup (NYSE: C). Berkshire purchased 55.2 million shares, or roughly 2.8% of Citigroup's outstanding shares, for a total value of roughly $2.95 billion. Berkshire's average cost per share was about $53.40.
Citigroup stock was down about 21% this year at Monday's close, nearing levels not seen since the brunt of the pandemic in 2020. Is this a good time for Berkshire -- or anyone else -- to own it?
Source Fool.com
