Buffett’s firm invests in drugmaker Teva, trims Phillips 66

Billionaire Warren Buffett’s company revealed a new investment in Teva Pharmaceuticals and trimmed its holdings in oil refiner Phillips 66 by selling 35 million shares back to the company for $3.3 billion.

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Berkshire Hathaway Inc. disclosed those changes and several other tweaks to its stock holdings Wednesday in documents filed with the Securities and Exchange Commission.

Berkshire said it held 18.9 million shares of Teva at the end of the year.

Berkshire’s filings don’t reveal whether Buffett or one of the conglomerate’s two other investment managers made the move, but the relatively small Teva stake worth about $350 million suggests it may not have been Buffett’s decision.

Besides investments, Berkshire owns more than 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, and manufacturing.

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