Berkshire Hathaway Reduces Apple, Bank of America Stakes in Q3
Berkshire Hathaway (BRK.A, Financials) has cut its stakes in Apple (AAPL, Financials) and Bank of America (BAC, Financials) by more than 20% during the third quarter, according to its recent quarterly filing.
Under Warren Buffett (Trades, Portfolio)'s direction, the conglomerate said that, at the conclusion of Q3, the fair value of its Apple stake dropped from $84.2 billion in Q2 to $69.9 billion. This decline implies that Berkshire cut its Apple ownership by around 100 million shares, therefore lowering its position to roughly 300 million sharesa drop of almost 25%.
Likewise, Berkshire's ownership in Bank of America dropped; the fair value dropped to $31.7 billion at the end of Q3 from $41.1 billion in Q2. This shows a decline of over 230 million shares, therefore bringing its holdings to roughly 800 million sharesa drop of almost 23%.
These divestments helped Berkshire's cash reserveswhich had been $276.94 billion on June 30reach a record $325.21 billion as of September 30. Purchasing just $1.5 billion, the corporation sold $36.1 billion in equities during the quarter, ninth straight as a net seller of stocks.
https://finance.yahoo.com/news/...y-reduces-apple-bank-195513375.html
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