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It looks like Warren Buffett’s company, Berkshire Hathaway, may have sold off more of its huge Apple investment during the third quarter of this year. A new financial filing suggests that the value of Berkshire’s consumer products stocks dropped by about $1.2 billion compared to the last quarter. Since Apple makes up most of that category, the decrease likely means Buffett quietly sold more Apple shares.
Apple’s stock rose more than 24% in the third quarter, which would have given Buffett a good chance to take profits. This fits with a trend that started earlier in 2024, when Berkshire surprised many investors by selling roughly two-thirds of its Apple holdings, a rare move for Buffett, who’s known for holding investments long-term.
Even after the sales, Apple was still Berkshire’s biggest holding at the end of June, with around 280 million shares valued at about $57 billion. Investors will get a clearer picture of just how much Apple stock Buffett still owns when Berkshire releases its detailed 13F report to the U.S. Securities and Exchange Commission later this month. That filing will show exactly how much of Apple, and other stocks was bought or sold through September 30.
Buffett has said before that some of the sales were for tax reasons, but analysts think there could be more to it. Apple’s high stock price may have made Buffett cautious, and trimming the position could also help balance Berkshire’s portfolio, since Apple had grown so large that it once made up more than half of the company’s total investments.
Berkshire has now been selling more stocks than it’s buying for 12 straight quarters, adding about $6 billion in cash in the most recent one. Buffett’s long-used measure of overall market value compared to the U.S. economy, a ratio he once warned was “playing with fire” when too high, is now at a record level, suggesting he may be preparing for what he sees as an overheated market.