Warren Buffett’s firm remains the largest shareholder in DaVita, with a 31.7% stake.
Saul Loeb/AFP via Getty ImagesWarren Buffett ’s Berkshire Hathaway trimmed its stake in health-care provider DaVita.
Berkshire Hathaway (ticker: BRKb ) sold 2 million shares of DaVita (DVA) on Sept. 17 for $176 million, a per-share price of $88. According to a form Buffett’s firm filed with the Securities and Exchange Commission, its DaVita stake now stands at 36.1 million shares, a 31.7% stake. Berkshire Hathaway remains DaVita’s largest shareholder.
Berkshire Hathaway sold its DaVita shares in the latter’s recent self-tender, in which it paid $88 each for a total of 8 million shares. The tendered shares represented 6.5% of DaVita’s outstanding shares at the time.
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Berkshire Hathaway didn’t respond to a request for comment on the stock sale.
DaVita shares have gained 11.8% year to date through Friday’s close. That performance tops the 2.1% rise in the S&P 500 index, a broad measure of the market, in 2020.
Raymond James analyst John W. Ransom raised estimates for DaVita on Sept. 15 to reflect the tender and a $1.5 billion note offering that closed in August. Ransom, however, maintained a Market Perform rating, and noted there was “uncertainty over the impact of unemployment on payor mix” for the second half of 2020 and 2021.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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Warren Buffett’s Berkshire Hathaway Sold Health-Care Stock DaVita - Barron's
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