The Warren Buffet-led conglomerate Berkshire Hathaway has decided to decrease the sum of its investments in Apple Inc, opting to instead reinvest some capital in companies from the drug, telecom, and oil industries during the latest financial quarter. Berkshire Hathaway’s latest initiative became apparent in the company’s filings with the U.S. Securities and Exchange Commission.
While the multinational conglomerate decreased its investment in the computer giant by 6% (worth approximately 887 million shares), it also upped its investments in a diverse array of companies, including AbbVie Inc (a 20% increase), Bristol-Myers Squibb Company (11%), and Merck & Co, Inc (28%).
Warren Buffet’s investment conglomerate made its largest purchases with Chevron Corporation, with a purchase of 48.5 million stocks, as well as The Kroger Co, with a 34% increase in its investment.
Apple was not the only company to see its investment from Berkshire Hathaway shrink, however. The multinational holding company cut its investment in Wells Fargo & Co by 59% as well as its investment in Suncor Energy Inc by 28%.
Despite the latest reduction in investment, Apple Inc remains the largest investment made by Berkshire Hathaway, with the investment still proving to be worth about $120 billion according to the investment firm’s latest 13F filing.
