Warren Buffett's Berkshire Hathaway now has a $ 128 billion cash pile
Berkshire's operating profit rose to $ 7.9 billion, up from $ 6.9 billion a year earlier, increased by gains across ownership interests. The Omaha, Nebraska-based company's performance is linked to its many subsidiaries ̵[ads1]1; which include GEICO, the Burlington Northern Santa Fe railroad and consumer brands such as Duracell, Dairy Queen and paint manufacturer Benjamin Moore – as well as a massive investment portfolio. [19659005] While Berkshire has not yet made a major acquisition, the company has taken steps to embrace more affordable technology stocks in recent years. Berkshire Hathaway still owns large holdings in value standards such as Coke, ( KO ) Bank of America ( BAC ) Wells Fargo [19659003] ( CBEAX ) and Kraft Heinz. ( KHC )
Berkshire Hathaway also bought $ 700 million of its own stock in the third quarter, up from $ 442 million it bought the previous quarter. The company purchased $ 1.7 billion of its own shares in the first quarter.
Previously, the company did not allow share repurchases. The board changed a rule last year to allow the company to buy back billions of dollars, a practice that has been criticized by some analysts for inflating stock prices.