Greg Abel's Berkshire Hathaway May Have Repurchased Up to $11 Billion of Its Own Stock in Q2, a Bullish Signal for Shareholders
Greg Abel is buying Berkshire -- should you buy shares too?
Overview
Earlier this year, CEO Greg Abel announced that Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) resumed its share repurchase program in March. But much to investors' disappointment, the company's first-quarter earnings report revealed just $235 million in total share repurchases that month. That's practically unnoticeable for a company with a market cap of more than $1 trillion.
It looks like Abel stepped up the repurchase activity in the second quarter. A Barron's analysis of Warren Buffett's SEC filings in July indicates Berkshire Hathaway's Class A share count declined by around 11,000 between April 14 and July 14. Due to rounding and estimating the average share price of repurchases, the actual amount spent buying back shares won't be known until Berkshire releases its Q2 earnings results. However, Barron's suggests the amount could be as high as $11 billion.
Details
That's a bullish sign for shareholders.
Source
Originally published at www.fool.com.