Warren Buffett's Berkshire Hathaway Inc. bought shares of UnitedHealth Group in the second quarter, sending the health insurer's stock price higher in after-market trading.
The Omaha conglomerate CEO acquired five million shares of UnitedHealth, giving Berkshire a stake of $1.6 billion, and sold a $1 billion stake in T-Mobile US Inc.
Buffett's investment in UnitedHealth comes as the health company grapples with a series of crises, including the assassination of CEO Brian Thompson in Manhattan last year.
The disclosure of Berkshire's stake in UnitedHealth also sent the company's shares soaring 9.6% in after-market trading.
Buffett also sold 20 million shares of Apple Inc. after reducing his stake in the iPhone maker last year.
Berkshire's Apple holdings remain its largest equity holding by market value, despite a loss of about $9.2 billion in the quarter ended June 30.
