Investing.com– Berkshire Hathaway (NYSE:BRKa) sold about a quarter of its stake in Apple Inc (NASDAQ:AAPL), amounting to 100 million shares in the tech giant in the third quarter, a regulatory filing confirmed on Thursday.
Warren Buffet’s firm had announced the sale during its third-quarter earnings earlier this month, with a 13f filing confirming the sale this week.
The share sale, which was conducted through the course of the July-September quarter, netted Berkshire over $100 billion in cash. But Apple still remained the conglomerate’s biggest holding, of about 300 million shares worth nearly $70 billion.
The company has sold more than 600 million of Apple’s shares in 2024, bringing its cash position to a record $325 billion, as of September 30.
Investors have fretted over Berkshire’s increased cash position, which indicates a largely risk-off mindset for the firm. The firm’s sales of its Apple holdings also come as the iPhone maker grapples with slowing device sales despite introducing artificial intelligence features in its latest models. China has been a main pressure point on Apple’s sales.
Thursday’s 13f filing showed Berkshire brought stakes in Domino’s Pizza Inc (NYSE:DPZ) and Pool Corporation (NASDAQ:POOL) in the third quarter.
But the conglomerate remained a net seller of stocks in the quarter, selling about 235 million shares in Bank of America Corp (NYSE:BAC). The firm also sold almost the entirety of its stake in Brazilian cosmetics chain Ulta Beauty Inc (NASDAQ:ULTA), while cutting its investments in Capital One Financial Corporation (NYSE:COF), Charter Communications Inc (NASDAQ:CHTR) and Nu Holdings Ltd (NYSE:NU).
