Berkshire Hathaway reported its third-quarter earnings and revealed a huge stockpile of cash. The Warren Buffet-led company also sold a significant portion of its Apple and Bank of America shares and increased its stockpile of green bucks to more than $325 billion. The Oracle of Omaha also did not buy back Berkshire Hathaway shares this quarter. CWEB considers the company stock a Buy or Hold.
Berkshire Hathaway also dumped a quarter of its stake in Apple Inc. in the third quarter. It has sold part of its Apple stake in the past three quarters, making the current stock sale its fourth consecutive one. The Omaha-headquartered company has sold many Apple shares and decreased its bet on the Cupertino giant. As of September 30, 2024, it still had about 300 million shares worth $69.9 billion.
Since mid-July, Berkshire Hathaway has also been selling its legacy stock of Bank of America. It has earned about $10 billion from its BofA stock, which has been in its portfolio for a long time.
Berkshire Hathaway reportedly earned $36.1 billion in the quarter ending September, boosting its cash balance to a record $325.2 billion by the end of September.
Berkshire Inc. reported revenue of $92.9 billion for the third quarter of 2024, a little below the $93.2 billion in the same quarter a year ago. The operating profit reported was $10.1 billion, a fall of 6 percent year-on-year due to insurance.
Berkshire Hathaway shares are doing well in the market, which may be why Warren Buffet has not repurchased company shares this quarter. Instead, he has been piling cash reserves. The company had repurchased shares worth millions and over a billion in earlier quarters.
Although Warren Buffet and Berkshire Hathaway have not given reasons for selling large stakes in Apple, the late Vice Chairman Charlie Munger reportedly favored tech stocks more than Buffet. There is also the possibility of capital gains taxes, which might also be a reason for downloading shares.
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