Billionaire Warren Buffett’s Berkshire Hathaway has repurchased its own stock worth $928m in the third quarter, after the company’s quarterly operating profit nearly doubled.
Operating profit in the third quarter doubled to $6.88bn from $3.44bn a year earlier.
Berkshire’s chairman paid an average price of $312,806.74 to repurchase 225 Class A shares, and bought back more than 4 million Class B shares at an average price of $207.09, the company said in a regulatory filing this weekend.
It is the first time Berkshire has bought back stock since 2012. The legendary investor, best known for striking deals when prices are low, has struggled to find large investments that aren’t overvalued.