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. | 185.12 | +2.12 | +1.16% |
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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 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. | 161.42 | -0.35 | -0.22% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 49.93 | -0.72 | -1.42% |
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. | 46.75 | +0.85 | +1.85% |
| AXP | AMERICAN EXPRESS CO. | 286.81 | -1.49 | -0.52% |
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Reuters contributed to this report.