Berkshire Hathaway Inc, the conglomerate headed by famous investor Warren Buffett, recently sold a large portion of its shares in Bank of America Corp (NYSE:). The transactions, which took place over several days, reached a total sales value of more than $778 million.
The selling streak began on July 30, 2024, with Berkshire Hathaway selling 6,524,622 shares at a weighted average price of $41.2656. This sale was followed by the sale of 50,768 shares at an average price of $41.8395 on the same day. On July 31, the company sold another 6,854,372 shares at a weighted average price of $40.6159 and 139,148 shares at $41.258. Finally, on August 1, 5,251,726 shares were sold at an average price of $39.4687 and another 396,197 shares at $40.1522.
The prices of these transactions were between $39.4687 and $41.8395 per share. Sales are made in multiple transactions at different prices within these ranges. In compliance with regulatory requirements, Berkshire Hathaway has committed to providing, upon request, full details regarding the number of shares sold at each price.
Following these transactions, Berkshire Hathaway’s holdings in Bank of America were adjusted to reflect the new total shares owned by the company and its subsidiaries. These sales are recorded as indirect ownership, as defined in the footnotes of the SEC document, and the nature of ownership is further detailed in the document.
Warren E. Buffett, as the controlling shareholder of Berkshire Hathaway, may be considered to have a pecuniary interest in these shares, although he has not declared beneficial ownership other than the extent of his pecuniary interest.
Investors and those following Berkshire Hathaway’s investment moves often review these transactions to understand the company’s strategic financial decisions. The sale of Bank of America shares marks a dramatic shift in Berkshire Hathaway’s investment portfolio, which maintains a diverse array of holdings in various industries.
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