After spending most of September and early October increasing his cash pile – primarily by selling hundreds of millions of Bank of America (NYSE: BAC) shares – Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B) finally reported a major stock purchase.
Specifically, ‘The Oracle of Omaha’ filed a series of buys of Sirius XM Holdings Inc (NASDAQ: SIRI) on October 10 and 11.
The billionaire spent approximately $87 million buying about 3.6 million SIRI shares. The average purchase price hovered at roughly $24.
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Sirius XM has been in the Berkshire portfolio since 2016, and Buffett has made numerous SIRI stock purchases and sales in the eight years since.
The latest relevant filing revealed a stake increase to 108.7 million shares.
How much did Buffett increase his SIRI stock position in Q3?
However, the actual dynamics of stake changes are somewhat complicated despite tha previous 13-f filing indicating a reduction in SIRI holdings. On June 30, Buffett reported owning 130 million shares.
Indeed, in late August, the company merged with Liberty Media Corporation (NASDAQ: LSXMA, LLVYK) and, in mid-September, executed a 1-for-10 reverse stock split. This means that, despite what the raw numbers indicate, ‘The Oracle of Omaha’ increased his holdings tenfold.
SIRI stock price analysis
Despite the business developments and being backed by Buffett, Sirius XM Holdings – a major satellite and online radio firm based in New York City – experienced notable stock market turbulence in 2024.
In the year-to-date (YTD) chart, the broadcaster is down 54.59% to its latest closing price of $24.93. Furthermore, despite a substantial rally in July, the stock is also 21.60% down in the last 6 months.
The most recent trading, on the other hand, has been noticeably more positive.
In the last 30 days, SIRI shares are 5.46% in the green, and are 9.92% up in the last week of trading.
Finally, Sirius XM Holdings stock recorded a strong session on Friday, October 11, as it rallied another 2.59% and is experiencing a 6.94% surge in the subsequent – and ongoing – extended session.
