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Warren Buffett.
Johannes Eisele/AFP/Getty Images
Berkshire Hathaway
bought back about $2 billion of stock in the first quarter through early March, Barron’s estimates.
Our estimate is based on the share count of Berkshire Hathaway (ticker BRK/A, BRK/B) disclosed in its proxy statement as of March 2, ahead of the company’s annual meeting on April 30. The statement, including details such as the pay of key executives and a proposal for the company to have an independent chairman, was made public late on Friday.
Berkshire also disclosed in its proxy that investment manager Wallace Weitz, 72 years old, has been nominated to the Berkshire board and would be its 15th member if approved by shareholders.
Weitz founded the Omaha-based Weitz Investment Management, whose
Weitz Value
mutual fund (WVALX) counts Berkshire as one of its largest holdings. Weitz will succeed longtime director Thomas Murphy, who retired from the board earlier this year.
Berkshire’s stock repurchase activity has slowed since 2021 when it bought back $27 billion of stock, or an average of about $7 billion a quarter, as the stock price has risen in 2022. The pace of the buybacks, however, has picked up since mid February; the total for the current quarter could be in the $4 billion range at the recent pace.
Berkshire’s Class A shares have been strong this year and hit a record high Friday before closing at $489,802, up 0.4%. The stock is up 9% this year, handily topping the
S&P 500
which is off about 11%. Berkshire’s Class B shares ended Friday at $326.66, up 0.4%.
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