Warren Buffett Successor Greg Abel Cut Berkshire's Bank of America Stake by $1.7 Billion. He Added $1.6 Billion of Delta Air Lines.
The conglomerate's new CEO spent the second quarter selling the bank Buffett had been selling for two years -- and buying the airline Buffett sold out of in 2020.
Overview
The second-quarter 13F from Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) reached the SEC on Aug. 14, and it shows what CEO Greg Abel did with the conglomerate's $299 billion U.S. stock portfolio during his second full quarter running the company. Much of the portfolio sat still: Apple, American Express, and Coca-Cola -- three of the four biggest positions -- didn't move by a share. And the filing's largest addition, about $17 billion of Alphabet, extended a purchase Alphabet had already disclosed back in June.
The new information sat in two smaller lines. Berkshire cut its Bank of America (NYSE:BAC) stake by about 30.2 million shares, a reduction of 5.9% worth about $1.7 billion at quarter-end prices. That was the largest dollar amount Berkshire subtracted from any position.
Details
And it added about 17.5 million shares of Delta Air Lines (NYSE:DAL), growing that stake 44% to 57.3 million shares, worth about $5.4 billion at the end of June.
Source
Originally published at www.fool.com.