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Warren Buffett speaks during the Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska, May 4, 2024.
American Financial Channel
(This article is excerpted from the Warren Buffett Watch newsletter. Register Here.
Warren Buffett added about $6 billion to Berkshire Hathaway’s massive cash pile through a series of investments this summer. Bank of America Inventory sales since mid-July.
according to Friday New Fileswith sales of 21.1 million shares on Wednesday, Thursday and Friday, generating revenue of $848.2 million at an average price of $40.24.
Berkshire It has reduced its holdings of Bank of America shares for six consecutive trading days. Since it began reducing its holdings on July 17, the company has reduced its holdings for 21 of the past 33 trading days.
Overall, Berkshire Hathaway has reduced its stake in Bank of America by 14.5%, selling 150.1 million shares worth $6.2 billion, at an average price of $41.33 per share.
Bank of America Berkshire’s third-largest shareholderaccounting for about 11% of its portfolio.
Berkshire still Bank of America’s largest shareholder It holds 882.7 million shares, or 11.4%, worth nearly $36 billion.
But as the sell-off continues, its stake is approaching Vanguard’s 639 million shares.
Although there is Several theories Why Berkshire Hathaway is selling stocks Buffett says Recently, like last year he didn’t want to sellDespite his concerns about the banking industry as a whole, Omaha has so far offered no explanation.
Buffett, who turned 94 on Friday, had a record $277 billion in cash as of June 30.
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