Warren Buffett’s Berkshire Hathaway went on a shopping spree before Christmas, purchasing shares in Occidental Petroleum, Sirius XM, and VeriSign during a December market sell-off. The Omaha-based conglomerate bought 8.9 million additional shares of Occidental Petroleum for $405 million, pushing its stake above 28%. Berkshire also acquired about 5 million shares of Sirius XM for around $113 million and about 234,000 shares of VeriSign for roughly $45 million. These transactions, totaling more than $560 million, were made during a three-day period and may have been initiated by Buffett’s investing lieutenants.
The market pullback resulted in significant discounts on the stocks, which Buffett apparently took advantage of. Occidental Petroleum’s shares have dropped more than 10% this month, with 2024 losses exceeding 24%. Sirius XM has also experienced a drastic sell-off, with the company’s stock falling 23% this month and 62% this year. Berkshire’s stake in Sirius XM has risen to about 35% following the recent purchases.
In addition, VeriSign’s stock has underperformed the tech sector this year, with a decline of 6% in 2024. Berkshire first acquired the tech company in 2013 and has not adjusted its stake in years.