Buffett buys stake in Capital One, sells other banks

Berkshire Hathaway details selling frenzy in filing

Warren Buffett’s Berkshire Hathaway purchased 9.9 million shares of Capital One Financial Corp. and dropped its stakes in the Bank of New York Mellon and U.S. Bancorp, according to a regulatory filing.

The Capital One stake would be worth $954 million, based on the closing price on March 31.

Ticker Security Last Change Change %
COF CAPITAL ONE FINANCIAL CORP. 142.91 +1.28 +0.90%

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Berkshire also disclosed a $41.3 million stake in Diageo Plc, the maker of alcoholic beverages including Johnnie Walker and Guinness, in Monday's filing.

Meanwhile, Buffett's company was a net seller of stocks in the quarter, buying $2.87 billion and selling $13.28 billion as it devoted resources elsewhere, including $8.2 billion to boost its stake in truck stop operator Pilot Travel Centers to 80% from 38.6%.

According to the filing, nearly half of Berkshire’s stock sales were in Chevron Corp and Occidental Petroleum, although Buffett maintains a 23.7% stake in Chevron.

Chevron refinery

Chevron Corp's refinery is shown in Richmond, California August 7, 2012. (REUTERS/Robert Galbraith/File Photo / Reuters Photos)

Ticker Security Last Change Change %
CVX CHEVRON CORP. 160.00 +2.43 +1.54%
OXY OCCIDENTAL PETROLEUM CORP. 66.63 +0.59 +0.89%

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Warren Buffett

Berkshire Hathaway CEO Warren Buffett speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting on May 5, 2019, in Omaha, Neb. (AP Photo/Nati Harnik)

Despite the quarter’s high volume of stock sales, Berkshire still invested in several financial services companies including Bank of America and American Express, where Berkshire's respective $29.5 billion and $25 billion stakes make them its largest stock holdings other than a $151 billion stake in Apple.

Ticker Security Last Change Change %
BAC BANK OF AMERICA CORP. 36.97 +1.20 +3.35%
AXP AMERICAN EXPRESS CO. 233.50 +2.45 +1.06%

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Reuters contributed to this report.