Warren Buffett’s Berkshire Hathaway has cashed in about $4 billion of US Bancorp stock, cutting its stake in the banking group by more than 60% in the space of four months.
The famed investor’s conglomerate has sold 84 million shares of the US Bank’s parent company since June 30, a Securities and Exchange Commission filing revealed Thursday.
Buffett’s investment giant has counted US Bancorp among its most significant holdings since 2007, and owned 145 million shares worth $8.1 billion at the start of January. Now it holds just 53 million shares valued at $2.4 billion, reflecting its stock sales and the 22% decline in US Bancorp stock this year.
Berkshire likely made an 18% profit from its sales, or around $600 million, according to Business Insider.
While Berkshire was a net buyer of stocks last quarter, it has been reducing a few long-held positions. For instance, it revealed earlier this month that it sold about $275 million of BYD stock between September 1 and November 1. It has now slashed its stake in the Tesla rival by 19% or close to $900 million since July, after not touching the bet since 2008.
