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Stocks Of Chubb Jump After Berkshire Hathaway Invests

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(Image credit: Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

(CTN News) – On Thursday, Chubb (CB) stock is trading at a comfortably higher level, after allegations emerged that Berkshire Hathaway (BRK.B), which is the holding company of Warren Buffett, has made a new investment in the insurance giant Chubb (CB).

In its most recent filing with the Securities and Exchange Commission (SEC), Form 13-F, Berkshire Hathaway disclosed that it had acquired 25.9 million shares of CB.

This information was disclosed by the company. A list of all of the equities that Buffett owns and sells was included in this form, which was then made available to the public late on Wednesday. As of the 31st of March in the year 2024, this was estimated to be worth approximately $6.7 billion, which is equivalent to 6.1% of the company’s total value.

Berkshire Hathaway reportedly started purchasing Chubb shares during the third quarter of 2023,

As reported by cable news network CNBC. In order for the holding company to continue operating in a private capacity until it had finished the process of increasing its position, the regulatory authorities gave their approval.

Chubb was ranked ninth in the equities portfolio of Berkshire Hathaway at the end of the first quarter of 2024, with a weight of 2.0%. This position was achieved by Chubb.

Both the Berkshire wheelhouse and the insurance company that handles damage and casualty claims have a strong tie to one another. In addition to being the parent company of insurance companies Alleghany and GEICO, Berkshire also owns a number of large-cap financial shares that are included in the equity portfolio. These shares are included in the equity portfolio. Aon (AON) and Bank of America (BAC) are two examples of the several stocks that fall under this category.

Not long after Buffett made the statement at the annual meeting of the holding company that Berkshire had decreased its stake in Apple (AAPL) by 13%, information on Berkshire’s ownership of Chubb became public. This occurred not too long after Buffett made the news.

Apple held the largest holding in Berkshire’s portfolio even after this dip, accounting for almost forty percent of the company’s portfolio by the end of the first quarter of 2024.

In compared to other analysts, where does Chubb stand in terms of his position?

A significant number of analysts have a favorable forecast for the enormous insurance firm. S&P Global Market Intelligence reports that the consensus analyst target price for CB stock is $268.36.

This information comes from the company. This indicates that there is an indicated gain of more than two percent over the levels of the stock that are currently being traded. Purchase is the course of action that is recommended at this time as the best line of action.

Argus Research, an independent research company, is one of the companies that has a Buy rating with a price target that was recently upgraded. This makes it one of the businesses that is most optimistic about Chubb stock.

As a provider of property and casualty, health and life insurance, as well as reinsurance, Chubb benefits from a strong brand, experienced management, and a healthy balance sheet, according to an article published on May 10 in the Argus newspaper.

In our pricing aim, we indicate there is an implied upside of approximately 7% with respect to current levels. The target price of $280 indicates an implied upside of approximately 7%.SEE ALSO:

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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