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David Tepper’s Appaloosa Management bought 1.2 million Wells Fargo shares in the second quarter, while Warren Buffett’s Berkshire Hathaway sold 25% of its stake in the bank. Appaloosa also bought AT&T and Altria stock, and sold PG&E stock.
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David Tepper’s Appaloosa Management made some material investment changes in the second quarter, including taking the opposite tack as Warren Buffett in at least one case.
Appaloosa bought more
Wells Fargo
(ticker: WFC) stock, and initiated positions in
AT&T
(T) and
Altria Group
(MO) in the second quarter. It also reduced an investment in
PG&E
(PCG). The fund disclosed the trades in a form it filed with the Securities and Exchange Commission.
Appaloosa didn’t immediately respond to a request for comment on the trades.
Appaloosa bought 1.2 million more Wells Fargo shares in the quarter, ending June with 1.9 million shares of the bank. Buffett’s
Berkshire Hathaway
(
BRKb
) has been cutting back on Wells Fargo, disclosing Friday that it sold 85.6 million shares in the second quarter to lower its investment by about 25% to 237.6 million shares.
Tepper’s fund also picked up 9.1 million AT&T shares and 1.6 million Altria shares in the second quarter. Appaloosa didn’t own either name as of the end of the first quarter.
Appaloosa also sold 2.4 million PG&E shares in the quarter, lowering its investment to 8.9 million shares of the California utility.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
