Warren Buffett’s Berkshire takes $1.6 billion UnitedHealth stake, trims Apple, exits T-Mobile in Q2

Warren Buffett’s Berkshire Hathaway disclosed a surprise $1.6 billion bet on troubled health insurer UnitedHealth Group in the second quarter, while paring back its Apple and Bank of America holdings and fully exiting its T-Mobile US position, a regulatory filing showed Thursday.

The Omaha-based conglomerate bought more than 5 million UnitedHealth shares during the quarter, sending the stock up as much as 9.6% in post-market trading. The stake ranks as Berkshire’s 18th-largest equity position, despite the insurer’s battered image, its shares were down nearly 50% this year before the filing, amid a Justice Department investigation into Medicare billing, a CEO resignation, and repeated profit warnings.