Buffett buys stake in Capital One, sells other banks
Berkshire Hathaway details selling frenzy in filing
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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. | 142.09 | -1.68 | -1.17% |
BERKSHIRE HATHAWAY'S WARREN BUFFETT SPEAKS POSITIVELY ABOUT ELON MUSK
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](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2018/02/931/523/2017-03-01T041834Z_2_LYNXMPED201E8_3_CHEVRON-REFINERY-CALIFORNIA.jpg?ve=1&tl=1)
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. | 140.93 | -1.14 | -0.80% |
OXY | OCCIDENTAL PETROLEUM CORP. | 52.03 | -1.71 | -3.19% |
![Warren Buffett](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/10/931/523/AP22276802834710-e1664894386858.jpg?ve=1&tl=1)
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. | 40.14 | -0.36 | -0.89% |
AXP | AMERICAN EXPRESS CO. | 251.84 | +0.10 | +0.04% |
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Reuters contributed to this report.