Warren Buffett's Berkshire Hathaway Inc.
BRK.A,
-0.58%
BRK.B,
-0.48%
unloaded more than a quarter of its stake in Wells Fargo & Co.
WFC,
+1.11%
and about 61% of its position in JPMorgan Chase
JPM,
+0.03%,
while acquiring a new position in Barrick Gold Corp.
GOLD,
-0.55%,
according to 13F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon. Berkshire's moves appeared to reflect a broad lightening of the conglomerates exposure to large-capitalization banks during the worst public health crisis in generations. Berkshire sold 85.6 million shares of Wells Fargo, representing about 26% of its stake and putting its ownership to about 3% from 5.3%. The insurance conglomerate also shed 35.5 million shares of JPMorgan, 61% of its position, which now represents 1% of Berkshire's overall portfolio from 3% in the prior period. Meanwhile, the investment firm acquired nearly 21 million shares of Barrick Gold worth $563 million, representing 0.3% of Berkshire's holding. Berkshire also reduced its holding in PNC Financial Services
PNC,
+0.66%,
selling 3.85 million shares to cut its position to 0.3% from 0.5%. The insurance conglomerate boosted its stake in grocery chain Kroger Co.
KR,
+2.31%
by 15%, purchasing 3 million shares. The report also showed that Buffett's firm dumped its entire stakes in Goldman Sachs
GS,
-0.20%,
Occidental Petroleum Corp.
OXY,
+0.27%,
as well as consummating an exodus of airline companies, including American Airlines Group Inc.
AAL,
+0.22%,
Delta Air Lines
DAL,
+0.87%
United Airlines
UAL,
+1.03%
and Southwest Airlines Co.
LUV,
+0.54%.
Berkshire didn't change its holdings in Apple Inc.
AAPL,
-0.08%,
where the firm owns at 245.156 million shares. Large investors must disclose long stock positions held at the end of a quarter 45 days later in a 13F filing with the SEC, which means such filings are merely a snapshot of an investor holdings at a given point. Berkshire Class A and B shares are down by about 0.6% and 0.5% at Friday's close. Meanwhile, shares of Wells Fargo were down 0.8% in after-hours trade on Friday, JPMorgan shares edged 0.1% lower, while Barrick's stock was up 3.9% after Friday's closing bell. The Dow Jones Industrial Average
DJIA,
+0.12%
booked a meager gain on the day, while the S&P 500 index
SPX,
-0.01%
and technology-laden Nasdaq Composite Index
COMP,
-0.21%
closed in negative territory. However, all three benchmarks booked weekly gains.



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Topics #airline #Apple Inc. #Delta Air Lines #gold miner #GOLDMAN SACHS GS #grocery chain #insurance conglomerate