Berkshire Class A shares rallied $4,000, or 2.6 percent, to $161,000, a record closing price. Atlanta-based Coca-Cola surged 5.7 percent after posting first-quarter profit that beat analysts’ estimates and announcing a deal to sell some bottling distribution rights in North America.
Buffett’s firm has 400 million Coca-Cola shares, making it one of the four largest holdings at Omaha, Nebraska-based Berkshire, along with investments in Wells Fargo & Co., American Express Co., and International Business Machines Corp. Berkshire’s stakes in the companies may increase in the future as the firms buy back shares, Buffett said in a letter to investors last month.
“The four companies possess marvelous businesses and are run by managers who are both talented and shareholder- oriented,” Buffett said in the letter. “Too much of good thing can be wonderful.”
To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org