Warren Buffett’s Berkshire Hathaway Inc. Continued whittling a longtime bet on Bank of America Corp. In last year’s final months, while keeping a stake in Apple Inc. Intact following an earlier reduction.
The Omaha, Nebraska-based conglomerate cut its stake in the bank to 8.9% in the fourth quarter after selling 117.5 million shares, a regulatory filing on Friday shows. Bank of America executives and shareholders have waited months for the update after Berkshire’s prior sales left it with less than 10% and freed it from a requirement to quickly disclose transactions.
The remaining holding was worth $31.9 billion as of Friday’s close in trading. Buffett, 94, started whittling the investment in mid-July, without providing any explanation.
After slashing a holding in Apple earlier in 2024, Berkshire left the stake untouched in the year’s final months. The iPhone maker remains Berkshire’s largest stock holding, representing 28% of the conglomerate’s portfolio. The stake’s value rose by more than $5 billion in the quarter.
The firm also bought shares in SiriusXM and Occidental Petroleum during the quarter, while slashing a stake in Citigroup Inc. 73%, selling 40.6 million shares. And Buffett exited Ulta Beauty, a stock it started acquiring in the second quarter before paring back the position in the following period.
Berkshire is expected to release annual earnings, as well as Buffett’s traditional letter to shareholders, later this month.