As one billionaire cuts his stake, another has arrived at Procter & Gamble Co.
Bill & Melinda Gates Foundation acquired 113,435 shares of P&G (NYSE: PG) in the quarter ending Sept. 30 paying an average $65.90 share price.
The portfolio is managed by Michael Larson, who also manages Bill Gates’ personal portfolio.
The purchases came in the same quarter that Warren Buffett’s Berkshire Hathaway Inc. sold 11 percent of its holdings in P&G. Buffett still owns almost 53 million shares.