Warren Buffett’s Berkshire Hathaway (BRK-A) disclosed a new position of more than 11 million shares in Verizon Communications Inc (VZ) in the first quarter, according to a U.S. Securities and Exchange Commission filing on Thursday. The investment is valued at about $530 million.
Verizon “has shown that with several changes in leadership, the company performs and is a premium provider, if not the premium provider in the market,” Recon Analytics’ Roger Entner was quoted as saying by Reuters.
Buffett “likes people who can execute,” Entner added.
Investor Daniel Loeb’s Third Point LLC and billionaire hedge fund manager John Paulson also opened new stakes in the telecom giant, buying 3.5 million shares and 8.7 million shares, respectively.
Shares in the $203 billion market cap company rose more than 2% on Friday to close at $49 and change.