Warren Buffett's Berkshire Hathaway reveals new $7 billion stake in Swiss insurer Chubb
annual shareholders meeting earlier this month. Berkshire sold off a little over 116 million Apple shares in the quarter — accounting for about 13% of its stake — to trim its biggest single investment. But it still holds nearly 790 million Apple shares, and Buffett told shareholders that he expected the iPhone maker to remain a long-term holding.
Buffett also revealed at the annual meeting that Berkshire had sold off all of its Paramount Global investment at a loss. That happened after the first quarter ended because Wednesday's report showed Berkshire still owning more than 7.5 million shares. Berkshire has also been regularly filing updates as it makes purchases of Liberty Media stock because it holds more than 10% of that stock.
At the last reports, Berkshire held 70 million Liberty Media Series C shares and more than 35 million Liberty Media Series A shares. Those stocks track the shares of satellite radio provider Sirius XM holdings and have been selling at what appears to be a discount to Sirius XM shares, according to Morningstar. Berkshire trimmed its stake in Sirius XM during the quarter.
Wednesday's filing revealed a number of other changes during the quarter, including the sale of all of Berkshire's remaining 22.8 million HP Inc. shares. It also trimmed its stakes in Chevron and Louisiana Pacific stocks.
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