Buffett's Berkshire invests in Wells Fargo, US Bancorp, J&J

OMAHA -- Warren Buffett's company found more bargains among beaten down marquee stocks during the first quarter as it added to its sizable investments in Wells Fargo, US Bancorp and Johnson & Johnson.

Berkshire Hathaway revealed those investments and several other changes to its roughly $41 billion U.S. stock portfolio in documents filed with the Securities and Exchange Commission on Friday. The filing offers a snapshot of Berkshire's holdings as of March 31.

So perhaps it shouldn't be surprising that Berkshire bought nearly 12.4 million shares of Wells Fargo during the first quarter, giving it 302.6 million shares of the San Francisco-based bank.

It also added nearly 1.5 million shares of Minneapolis-based US Bancorp, so now it owns 69 million shares.

Berkshire's investments in M&T Bank, SunTrust Banks and Bank of America remained unchanged at the end of the March.

Berkshire officials do not typically comment on the company's investments beyond what the government requires it to disclose, and a spokeswoman said no one was immediately available to comment Friday afternoon.

Buffett told shareholders at his annual meeting that he would have rather held onto Berkshire's stake in Johnson & Johnson, but last fall he decided Berkshire needed more cash on hand so it could invest $8 billion in Goldman Sachs Group and General Electric.

The filing does not differentiate between investments Berkshire makes, investments any of its more than 60 subsidiaries make, or investments Buffett himself makes.