ALSO READWarren Buffett bets big on power with $9-billion Oncor deal Buffett's Berkshire adds stake in Synchrony, sheds in General Electric Warren Buffett's Berkshire Hathaway now Bank of America's top shareholder Warren Buffett wants a big deal, but lately, he's settled for small ones Stocks attract Warren Buffett more than bonds
Berkshire cut its IBM stake 32 per cent in the third quarter to about 37 million shares worth $5.37 billion from 54.1 million shares worth $8.32 billion, according to a Tuesday regulatory filing detailing its U.S.-listed stock holdings.
The IBM share stake has fallen by 54 percent since the end of 2016 when Berkshire owned roughly 81 million shares for which it paid about $13.8 billion.
During the quarter, Berkshire also boosted its stake in Apple Inc
IBM, whose full name is International Business Machines Corp, accounted for most of the stock sales that Buffett and his deputies Todd Combs and Ted Weschler made in the quarter.
In May, Buffett revealed he had begun selling IBM, telling CNBC he did not value Big Blue as highly as he did six years earlier when he started buying.
"IBM is a big strong company, but they've got big strong competitors, too," he said.
Berkshire has said it paid an average of about $170 per share for IBM. The shares closed up 49 cents at $148.89 on Tuesday but fell in after-hours trading.
For the third quarter, Berkshire also reported lower stakes in Wells Fargo & Co and
It also no longer reported a stake in Wabco Holdings Inc
Berkshire is one of Wells Fargo's largest shareholders, with a nearly 10 per cent stake. In April, it withdrew a Federal Reserve application for permission to exceed that level, citing restrictions on its ability to do business with the bank.