Warren Buffett’s holding company, Berkshire Hathaway (BRK.B), opened a new position in Capital One Financial Corp. (COF) during this year’s first quarter.
The Capital One investment was disclosed in a regulatory filing that Berkshire Hathaway made as required by law.
Capital One, which is mostly known for issuing credit cards, saw its stock rise 5.7% in after-hours trading following news that Berkshire Hathaway bought 9.92 million shares of the company worth about $950 million U.S.
In the regulatory filing, Berkshire also revealed a new $41 million U.S. stake in Diageo (DEO), the maker of alcoholic beverages such as Johnnie Walker whisky and Guinness beer.
Berkshire Hathaway sold its entire stakes in Bank of New York Mellon Corp (BK), U.S. Bancorp (USB), Taiwan chipmaker TSMC (TSM), and high-end furniture chain RH (RH) during Q1.
Buffett's company was a net seller of stocks during the quarter, buying $2.87 billion U.S. worth and selling $13.28 billion U.S. as it diverted resources elsewhere.
About half of Buffett’s stock sales were in oil giant Chevron (CVX), though Berkshire Hathaway still owns a 23% stake in oil company Occidental Petroleum (OXY).
Berkshire Hathaway increased its sizable stakes in Apple (AAPL) and Bank of America (BAC), two of its biggest holdings, during the quarter as the share prices of those companies slumped to start the year.
Omaha, Nebraska-based Berkshire ended Q1 with $130 billion U.S. of cash on hand.
Berkshire Hathaway’s Class B stock has gained 5% over the last 12 months to trade at $323.53 U.S. per share.
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