Apple Inc. (AAPL) stock has been part of the Berkshire Hathaway stock portfolio for years, as Warren Buffet has been a huge investor in the tech giant. However, the Oracle of Omaha has been cutting its stake and divesting stocks of major tech companies and banks, increasing its cash. Berkshire Hathaway released its second quarter report, which showed that the company had sold a sizable stake in Apple and Bank of America stock.
Berkshire Hathaway released its second-quarter earnings report on Saturday. It said that its holdings in Apple were worth $84.2 billion at the end of the second quarter. This means that the company has 400 shares and has sold almost half its stake, as its Apple stock at the end of the first quarter was 790 million shares.
Berkshire Hathaway has been selling Apple shares in the past three consecutive quarters. It decreased its stake by 13 percent in the first quarter of 2024. It also cut roughly 1 percent of its holdings in Apple in the last three months of last year when it sold just over 10 million shares of the tech company stock.
Berkshire Hathaway also sold Bank of America stock in the second quarter. Its stake in BoA is $41.1 billion, and the bank stock has the second-largest position in the company. It divested $75.5 billion in stock in the second quarter and has a record cash pile. At the end of the second quarter, the cash pile was roughly $277 billion, while its cash pile in the first quarter was $189 billion in cash and equivalents.
Berkshire Hathaway’s earnings report showed a small decrease in earnings, and its stock fell by almost 1 percent after the second quarter results were released. The Omaha, Nebraska-based company reported $30.348 billion, or $21,122, for each Class A share. In 2023, the earnings were $35.912 billion, or $24,775 per Class A share in the same quarter.
Berkshire Hathaway has major stakes in large companies such as Coca-Cola, American Express, Chevron, Bank of America, and Apple. It also owns insurance companies, major utilities, and retail businesses. Geico reported nearly $1.8 billion in earnings, and BNSF Railway reported $1.6 billion in revenues, while its utility business, Berkshire Hathaway Energy, saw a fall in profit with earnings of $326 million.
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