Warren Buffett’s Berkshire Hathaway again significantly reduced its holdings in Apple in the third quarter of 2024. The investment firm sold 100 million shares of Apple stock, amounting to a $23 billion divestment. This follows an earlier sale of over 500 million shares, totaling $94 billion.
GuruFocus:
In addition to trimming its Apple holdings, Berkshire also reduced its position in Bank of America, divesting 23% of its stake for $10 billion and securing a $6 billion profit. Nevertheless, Berkshire still owns about 10% of the bank, and shareholders approved the reduction.
On the acquisition side, Berkshire made strategic moves, adding new positions in Domino’s Pizza with a $605 million purchase of 1.3 million shares, and Pool Corporation with $140 million worth of shares.
As of September 2024, Berkshire’s total equity investments amounted to $266.4 billion, reflecting a 4.9% decrease compared to the previous quarter.
MacDailyNews Take: In May, at Berkshire’s annual meeting, Buffett praised Apple, saying it was “extremely likely” that Apple will remain Berkshire’s largest holding at the end of 2024. Berkshire continues to hold $69.9 billion worth of Apple shares.
Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.