Berkshire Hathaway dumped its entire $US315.4 million stake in General Electric in the second quarter, according to filings.
The firm owned about 10.6 million shares in the company.
GE just recently promoted John Flannery to CEO, as Jeff Immelt stood aside. Flannery was head of GE’s healthcare business before being tapped for CEO. Flannery was able to take hold of the healthcare division and grow it into a $US18 billion business as its helm.
Berkshire Hathaway disclosed it closed its GE position in an SEC filing that reflects the firm’s second quarter holdings. It’s worth noting that the firm’s positions could have changed since the date of the filing.
In addition to the GE move, Buffett’s firm also added a large share of Synchrony, equalling about $US520.7 in value, and a $US418.1 million stake in Store Capital. Berkshire Hathaway decreased its holdings in IBM and Wells Fargo while increasing its BNY Mellon, General Motors and Apple positions.
The firm’s top holdings are all well-known brand names that Buffett has become famous for championing. Kraft Heinz, Wells Fargo and Apple are the top three.
General Electric Shares are down 20.08% this year and rose 0.63% on Monday, the day the filing was released.