Berkshire Hathaway repurchased approximately $8.5 billion of its own stock over a three-month period, according to UBS estimates. This buyback operation, carried out between April and July, represents one of the most aggressive repurchase programs in the conglomerate’s history and marks the end of a nearly two-year hiatus. New CEO Greg Abel, who succeeded Warren Buffett, personally purchased $15 million worth of shares, an amount equivalent to his after-tax annual salary. UBS estimates the gap between the current share price and intrinsic value at around 8%, leading the bank to raise its price target ahead of the earnings release.
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