Warren Buffett turned heads by dumping another chunk of Apple stock, and here are his top Apple holdings at the end of the third quarter. Berkshire Hathaway revealed in its earnings report that about 70% of its stock investment portfolio is concentrated in five stocks – Apple, Bank of America, Coca-Cola, American Express and Chevron. The Oracle of Omaha reduced his stake in Apple for the fourth consecutive quarter, selling off about a quarter of his bets and leaving $69.9 billion worth of stock at the end of September. Earlier this year, Buffett said he was selling Apple because of possible future increases in capital gains taxes, but the scale of his sale has led many to speculate it was due to valuation concerns, corporate reasons or portfolio management. Apple isn’t the only stock Buffett has sold. Since mid-July, Berkshire has made more than $10 billion in proceeds from the sale of long-term investments in Bank of America. The earnings report only reflects holdings as of the end of September. Berkshire Hathaway sold more Bank of America shares in October, bringing its stake in the bank to just under 10%, a key threshold that requires frequent disclosures to regulators. After months of selling, Bank of America is no longer Berkshire’s second-largest holding. The company has lagged behind American Express as Berkshire Hathaway held $41.1 billion worth of the credit card company at the end of the third quarter. The Omaha-based conglomerate’s Chevron stake, which was worth $17.5 billion at the end of September, was unaffected last quarter. The energy stock is up just 2.6% this year, significantly lagging the broader market. Its long-term holding Coca-Cola also remained stable last quarter, valued at $28.7 billion. Shares of the consumer giant are up 10.3% in 2024, compared with the S&P 500’s return of 20.1%.
