Berkshire Hathaway Inc has taken a almost 10 percent stake in the real estate investment trust Store Capital Corp, adding to bets in the sector by the conglomerate controlled by billionaire Warren Buffett.
Store Capital shares slid this past spring after the company reported disappointing earnings. "Berkshire Hathaway's investment solidly positions Store for continued growth, while adding measurably to our already strong financial position".
Admitting that he's not an expert in health-care, political heavyweight and investment tycoon Warren Buffett is recommending America scrap its health-care system in favor of a British-style single-payer, state-run plan. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company.
Experts who track the real estate sector say Store has intentionally weighted its portfolio heavily to service industries, including restaurants, movie theaters, fitness clubs, early childhood education, veterinary clinics and more.
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Store Capital (STOR) was downgraded to "neutral" from "outperform" with a new price target of $24 from $23 at Mizuho Tuesday.
On Friday, Shares of Cousins Properties Inc (NYSE:CUZ) increased 0.34% and closed at $8.94 after opening 8.93 with the overall traded volume of 11.25 million shares.
Berkshire Hathaway did not immediately respond to a request for comment. AMC Entertainment, Applebee's and Ashley Furniture are among its 10 biggest customers, according to an investor presentation.
STORE Capital Corp. (NYSE: STOR) is not exactly a household name. The stock's market capitalization is 275.35M. That makes Berkshire its third-largest investor.