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Warren Buffett unloaded some Apple stock in the fourth quarter


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Warren Buffett didn’t have a stellar year in 2020, but he did have some good stock picks as usual. Several of the stocks held by Buffett’s Berkshire Hathaway beat the S&P 500 last year, including Liberty Global, General Motors, Amazon and Apple. The firm’s latest 13F filing reveals more details on what changes Buffett made during the fourth quarter.

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Q4 2020 hedge fund letters, conferences and more

Top buys and sells

Buffett has been bullish on Apple for a long time, but he sold some of the iPhone maker's shares during the fourth quarter. However, the company remained Berkshire's top holding at 43.62% of the portfolio. Buffett's firm unloaded more than 57 million shares of Apple during the quarter.

Berkshire also sold shares of Wells Fargo, Barrick Gold, M&T Bank Corp, and PNC Financial Services. With interest rates as long as they have been since the pandemic began, it's no wonder that Buffett is unloading financial stocks. He also sold shares of JPMorgan Chase, unloading his entire stake. He sold almost 75 million shares of Wells Fargo, but that was only a 58% reduction in the firm's stake.

He made headlines by purchasing Barrick Gold earlier in 2020 because he doesn't like gold. It comes as little surprise that Berkshire unloaded all of its holdings in the gold miner, selling 12 million shares during the fourth quarter as the gold price tumbled from record highs earlier in the year.

Berkshire Hathaway's biggest buys during the fourth quarter were Verizon, Chevron, AbbVie, Marsh & McLennan, and T-Mobile. Buffett added almost 3 million shares of T-Mobile and established a new position in Verizon, buying nearly 147 million shares. Chevron was a new position with nearly 49 million shares added to the portfolio.

Other notable changes to Berkshire's portfolio

Buffett's conglomerate also unloaded 7.5 million shares of GM, although that was only a 9% reduction in its stake. Berkshire also sold more than 5 million shares of Suncor Energy and unloaded its entire stake in PNC, selling almost 2 million shares.

Interestingly, the firm also unloaded its entire stake in Pfizer, selling almost 4 million shares. During the fourth quarter, the drug maker's COVID vaccine received approval from the Food and Drug Administration. The timing of Berkshire's sale is unclear, but Buffett may have missed out on some big gains. On the other hand, he might have taken advantage of the rally and unloaded the position at a nice profit. Pfizer shares did fall in December after the initial vaccine-related spike, so plenty of investors were unloading them then.

Berkshire Hathaway held steady on software firm Snowflake, which just went public in 2020. It was reported that Buffett had bought shares in the initial public offering. The firm also maintained its positions in Amazon, Liberty Global, Visa, Mastercard, Charter Communications, Bank of America, Moody's, Coca-Cola and Liberty Sirius XM.

Buffett's firm established a new position in EW Scripps Company, buying more than 23 million shares. Berkshire also added to its stake in Bristol-Myers Squibb, snapping up more than 3.3 million shares. The conglomerate also bought almost 6.3 million more shares of Merck and 4.2 million more shares of AbbVie. Berkshire purchased more than 8.5 million additional shares of the grocery store chain Kroger.

The post Warren Buffett unloaded some Apple stock in the fourth quarter appeared first on ValueWalk.


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