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Investing.com -- Shares of Constellation Brands (NYSE:STZ) gained after-hours Thursday after Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) disclosed it raised its stake in the beer maker.
As of 4:37 PM ET, the beer maker’s stock was up 2.5%.
The conglomerate showed it owned 12,009,000 shares as of the end of March. This is more than double the 5,624,324 shares held at the end of 2024.
Berkshire has been raising cash, so the move to lift its Constellation Brands stake raises eyebrows. As of the end of the first quarter, Berkshire’s cash pile has risen to $348 billion.
While Buffett’s name is still on the filing, the stock pick may not be his. Buffett announced at the company’s annual meeting earlier this month that he would be stepping down as Berkshire’s CEO at the end of 2025. Greg Able will lead the company after that.
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