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Over the Past Week, Warren Buffett Purchased These Stocks for Over $350 Million

March 31, 2024
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During a relatively subdued week, Warren Buffett has been actively expanding his investment in Liberty SiriusXM tracking stocks.

According to Form 4 filings with the U.S. Securities and Exchange Commission over the past week, Buffett's investment conglomerate, Berkshire Hathaway Inc. (BRK.B), revealed that it invested approximately $257.95 million to acquire 8.9 million shares of Liberty SiriusXM Series C stock (LSXMK) at a weighted-average price of $29.06. Additionally, Berkshire disclosed a purchase of $110.32 million worth of 3.8 million shares of Liberty Sirius XM Series A stock (LSXMA) at an average price of $29 per share.

It's noteworthy that while Series A shares possess voting rights, Series C shares do not. In total, Berkshire acquired 12.68 million shares for a sum of $368.3 million, effectively elevating Buffett's ownership to approximately 30% of Liberty SiriusXM's outstanding shares.

Throughout the week leading up to Thursday, Series A shares experienced a 3.3% gain, while Series C shares saw a 3.4% increase. In contrast, the S&P 500 index nudged up by a mere 0.4% during the same period.

Liberty SiriusXM primarily functions as a tracking stock for Sirius XM Holdings Inc. (SIRI), the satellite-radio service operating on a subscription-based model. Liberty SiriusXM essentially holds a little over 80% stake in Sirius XM, along with approximately $1.7 billion in net liabilities attributed to Sirius XM, inclusive of convertible debt. Consequently, it's perceived to trade at a discount compared to Sirius XM shares.

In Berkshire's most recent 13-F filing, detailing its equity holdings, the company reported ownership of 40.2 million shares of Sirius XM as of December 31. At that time, the investment was valued at $221.1 million.

Year-to-date, Sirius XM's stock has endured a decline of 29.1%, whereas Berkshire's Class B stock has surged by 17.9%, and the S&P 500 has recorded a 10.2% gain.

Adan Harris
Managing Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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