In three days of purchases just revealed in an SEC filing, Berkshire bought almost 2.5 million shares of the company at an average price of $77.22.
That’s just around $190 million worth, a small percentage of Berkshire’s total stake that’s now worth almost $5 billion, but it does indicate that Buffett is finding some value as prices drop.
The most recent, and largest, purchases were made last Thursday when the stock went as low as $75.95.
Since then the stock has continued to edge lower, hitting $74.37 on Monday. The shares ended Tuesday at $77.82, up more than 2.1 percent.
As there can be a lag of several days between purchases and SEC filings, we may find out soon that Berkshire continued to buy.