Nearly $25 million worth of Berkshire stock was bought by Buffett's apparent heir

According to Trade Algo, the greatest stock purchase made by a business insider last week came from the person carefully picked to succeed Warren Buffett.

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Gregory Abel, a vice president at Berkshire Hathaway, purchased class A stock in the company last week, according to documents, for close to $25 million. That is the original class of Berkshire, which is currently trading at a price of more than $400,000.

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Abel has been named as the 92-year-old Buffett's replacement at the investing firm. In September, he made a prior purchase of Berkshire stock for $68 million.

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Both the "Baby Berkshire" class B shares and the class A shares of Berkshire have decreased by around 3.4% this year, lagging the S&P 500.

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The parent company of Geico insurance and the Burlington Northern Santa Fe railroad, based in Omaha, has been increasing its holdings in Occidental Petroleum as the oil stock has fallen by nearly 7% in the first quarter.

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Many professional investors use insider buying as a crucial performance indicator. According to conventional wisdom, managers and board members of a firm are the ones who know it best, therefore their purchase of stock may be seen as a vote of confidence.

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Here are the top five insider purchases from the previous week, as reported by Trade Algo.

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1. Berkshire Hathaway

On March 17, vice-chair Greg Abel invested $24.6 million in class A shares of Berkshire.

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2. Capri Holdings

On March 16, CEO John Idol invested close to $10 million in stock.

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3. Centene

On March 17, CEO Sarah London invested $1.9 million in stock.

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4. Dun & Bradstreet Holdings

On March 20, CEO Anthony Jabbour purchased stock worth more than $1.2 million.

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5. Walmart

On March 15, director Randall Stephenson invested $1 million in stock. Stephenson served as AT&T's previous CEO.

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The most popular purchases this week come from a wide range of sectors.

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Idol's purchase of Capri shares in the garment industry reverses a November 2021 stock sale and increases his stake in the business to 2.3 million shares, per Trade Algo. The price of Capri has dropped 24% so far this year.

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According to Trade Algo, London's acquisition of Centene is the greatest dollar-value acquisition the company has ever made. More than 200,000 units of the stock were also granted to London earlier this month.

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Since the company's IPO in 2020, Jabbour of Dun & Bradstreet has consistently purchased shares of the commercial services provider. According to Trade Algo, the stock has had trouble gaining traction and is now down close to 50% from its IPO price.

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Stephenson's acquisition by Walmart occurs as the nation's largest retailer scales back some of its growth efforts. Walmart, based in Arkansas, announced on Thursday that it was firing hundreds of employees at five fulfilment centres around the country.

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