Berkshire Hathaway began buying back its own shares Wednesday, departing from former Chief Executive Warren Buffett’s avoidance of share repurchases in recent quarters.

The company said it can buy back its shares “at any time we believe the repurchase price is below our intrinsic value.”

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Chief Executive Greg Abel also personally purchased close to $15 million of the company’s stock, he disclosed in a Securities and Exchange Commission filing.

Abel, a long time Berkshire executive, became CEO of the company at the start of this year, succeeding Buffett, who retired at age 95.

The company’s significant cash pile has drawn attention from investors with Berkshire refraining from repurchasing any of its shares in 2025.

Last year, the company ended a quarter with more than $300 billion in cash for the first time.

Buffett long signaled a preference for reinvesting cash in equities, with the company only paying a dividend once, in 1967. In his annual letter to shareholders in February of last year, Buffett wrote that “the great majority of your money remains in equities. That preference won’t change.”

Write to Nicholas G. Miller at nicholas.miller@wsj.com

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