Apple is Berkshire Hathaways biggest equity investment, so why did Warren Buffett sell shares

In a federal filing Tuesday, Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) reported that in the fourth quarter of 2020 the company sold 9.81 million shares of Apple Inc. (NASDAQ: AAPL) for nearly $1.1 billion.

Berkshire Hathaway first began acquiring Apple stock in 2016 with a purchase of 9.81 million shares, and those shares had doubled in value by September of last year. It's probably not coincidental that the number of shares Buffett sold is equal to the number his company first purchased. Berkshire Hathaway also sold about $800 million in Apple stock in the fourth quarter of 2019.

As of September of last year, Berkshire Hathaway owned Apple stock valued at $111.7 billion, up from shares valued at $73.7 billion in September of 2019. Even after selling shares last quarter, Buffett's investment in Apple is valued at around $120 billion, according to Bloomberg.

Buffett and Berkshire Hathaway certainly are not giving up on Apple. The company's stock will continue to be Berkshire Hathaway's biggest equity investment. Yet, the $1 billion in profits that Buffet and company took will help pay for new stakes Verizon, Marsh & McLennan and Chevron purchased confidentially in the third quarter of 2020 for around $8 billion.

Berkshire Hathaway may not want any longer to keep more than 40% of its equity holdings in Apple stock. And it's not because Buffett and his top investment managers think the stock is going to sink.

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Selling off small pieces of its stake in Apple gives Berkshire Hathaway funds to invest in other equities, although the firm still concentrates on investments in established, mostly non-high-tech firms. Buffett also has trimmed investments in some banks, including long-time favorite Wells Fargo, and beefed up investments in health care stocks like Bristol-Myers Squibb and Merck, while selling his remaining stake in Pfizer.

Buffett also sold off his stake in Barrick Gold and cut his exposure to General Motors. The third-quarter purchases increased Berkshire Hathaway's position to around $4.1 billion in Chevron and $8.6 billion in Verizon.

Apple stock traded down about 1% in early trading Wednesday, at around $131.50, in a 52-week range of $53.15 to $145.09. The stock's consensus 12-month price target is $151.75.

Berkshire Hathaway's B shares traded at around $245.50, up less than 1%, in a 52-week range of $159.50 to $246.19, a new high set Wednesday morning. The consensus price target on the stock is $260.

Berkshire Hathaway's A shares traded up about 0.25% to $370,267.78, after posting a new 52-week high of $370,530.00 earlier in the morning.

With $2 million in total purses, The American Rodeo is set to become the biggest one-day event in Western sporting history – and thanks to the availability of great tickets at affordable prices, you won’t have to miss any of the fireworks live at AT&T Stadium in Arlington, TX!  Check out the info below to find out how you can catch the world’s top cowboys and girls doing what they do best, but don’t wait.  The American Rodeo 2021 Tickets are selling out fast, so be sure to score yours today!

February 26, 2021 – Fort Worth, Texas – The American Rodeo presented by Durango Boots is now underway with qualifying events taking place daily, for the next 11 days between Fort Worth and Arlington, Texas.  Each of the contestants competing for their spot across eight rodeo events will battle it out to advance to the semi-finals at Cowtown Coliseum and then the finals at AT&T Stadium. 

There are over 4,550 competitors who have competed over the past year to make it to The American Rodeo and we have 1,600 competitors from all over the US who are now in Fort Worth competing over the next several days for their chance to become rodeo’s next millionaire,” said The American Rodeo CEO Randy Bernard.

We have a seven year old barrel racer who is the youngest competitor in the history of the American Rodeo and she joins other up and coming talent along with highly decorated cowboys such as Caleb Schmidt, Wade Sundell and Luke Branquinho who are all battling it out for their chance to compete at the richest weekend in western sports.

The slack competition over the next 6 days will whittle down the best of the best in Bareback, Saddle Bronc, Bull Riding, Tie-Down Roping, Breakaway Roping, Barrel Racing, Team Roping, and Steer Wrestling with prize pool totalling $550,000 at The American Rodeo Semi-Finals alone.    

There are many stories emerging from the competition and some of them include:

Taylor Earnhardt -Putnam who is the sister to NASCAR driver Dale Earnhardt Jr. has made it to the slack round of the American semi-finals in Barrel Racing. 

The youngest qualifier Charlie Raye Sohrt qualified for The American Semi-Finals at 7 Years Old

Kaleb Driggers who is a World Champion and past American winner is competing at the semi–finals for his chance at $1 million dollars along with Caleb Schmidt in tie-down roping who turned down an American Rodeo exemption to go for the $1 million dollars.

Tyler Pearson who is a World Champion steer wrestler is making a run this week at slack for his chance to move on to the finals and his chance at $1 million dollars

The Crawly Brothers (Jacobs and Sterling)  are going to be competing at the Roughstock slack in Saddle Bronc and Wade Sundell who has won the American Rodeo three times is also going to be competing at the roughstock slack and if he advances, he will be eligible for the $1 million dollars

To follow the American Rodeo events schedule and locations visit:

The American Rodeo Fanzone in the Fort Worth Stockyards is now set-up and fans are invited to come on down to enjoy the fun and festivities, said Raquel Gottsch, CEO of The Cowboy Channel. 

Everyday we are having a watch party on our Cowboy Channel front lawn with live coverage of the American Rodeo slack and performances plus food trucks, live music, yard games, roping demonstrations, and more.  Then there is great shopping at the new stores along Mule Alley with over 200 tents filled with vendors lined up and down the bricks of Exchange as part of the Cowtown Marketplace and the brand new John Wayne museum is officially open. There is no shortage of things to do safely and see in the Fort Worth Stockyards during the rodeo. 

As the days and competition continues to heat up, The Cowboy Channel will begin broadcasting live from their front lawn in the Stockyards, the popular television show, Tailgate Party with hosts Kadee Coffman, Janie Johnson, Kirbe Schnoor and Pam Minick starting Wednesday, March 3rd through Saturday, March 6th from 3pm-5pm CT. This two-hour live broadcast will include interviews with top rodeo athletes competing at this year’s American Rodeo, performances by popular country music artists, outdoor cowboy cooking demonstrations, interviews with rodeo legends and more.   

The music schedule for the American Rodeo Fanzone and Cowboy Channel Tailgate Party is as follows: 

Thursday 2/25 – Austin English

Friday 2/26 – Coston Cross

Saturday 2/27 – Mikayla Lane

Sunday 2/28 – Jon Stork 

Monday 3/1 – Bubba Bellin

Tuesday 3/2 – Skylar Payne

Wednesday 3/3 – Garrett Bradford

Thursday 3/4 – Ross Cooper

Friday 3/5 – Katy Keenie

Saturday 3/6 – Coffey Anderson

The American Rodeo is known as the world’s richest weekend in western sports due to its tremendous prize offering of $2.3 million.  Qualifying events are held across the country, throughout the calendar year, as ropers and riders hope to compete and make it to The American Rodeo Semi-Finals and Finals.

Photo by Ric Andersen

The 11-day rodeo competition kicks off on February 25th in the Fort Worth Stockyards for slack and semi-finals and the finals take place over the weekend of March 6-7, 2021 at the Dallas Cowboys’ AT&T Stadium in Arlington, TX.  The American Rodeo unites the top athletes in the world from the PRCA and pits them against underdogs who advance from The American Rodeo Semi-Finals, together to battle for the biggest single, life-changing paycheck of their lives. All events will be broadcast live on The Cowboy Channel and RFD-TV. 

Jimmy Bryant Off & Running for Stella at The American

Tickets are on sale for The American Rodeo at AT&T Stadium in Arlington, Texas and The American Rodeo Semi-Finals at Cowtown Coliseum in Fort Worth, Texas. Tickets for The American Rodeo at AT&T Stadium March 6-7, 2021 can be purchased at SeatGeek

For more information and a complete listing of all RFD-TV’s The American Rodeo presented by Durango Boots events in Fort Worth and Arlington, please visit www.americanrodeo.com

RFD-TV’s The American Rodeo live stream online

RFD-TV is the flagship network for Rural Media Group. Launched in December of 2000, RFD-TV is the nation’s first 24-hour television network featuring programming focused on the agribusiness, equine and the rural lifestyles, along with traditional country music and entertainment. RFD-TV produces six hours of live news each weekday in support of rural America and is a leading independent cable channel available in more than 52 million homes on DISH, DIRECTV®, AT&T U-Verse, Charter Spectrum, Cox, Comcast, Mediacom, Suddenlink, and many other rural cable systems. In addition, RFD-TV can be streamed online via RFD-TV Now at watchrfdtv.com, DIRECTV NOW, Roku, iOS, Android, Firestick, Apple TV, and Sling TV’s Heartland Extra package. For more information, please visit RFDTV

About The Cowboy Channel:

The Cowboy Channel is the official network of PRCA and the first 24-hour television network totally dedicated to western sports and the western lifestyle. Headquartered in the Fort Worth Stockyards, The Cowboy Channel also features a wide variety of “live” coverage from major western events showcasing the world’s toughest and most talented cowboys and cowgirls. The network reaches 42 million homes on cable/satellite systems on Altice, Charter Spectrum, DISH, DIRECTV®, AT&T U-Verse, Cox, Comcast, Mediacom, Verizon FIOS TV, and many other rural cable systems. The Cowboy Channel can also be streamed online via The Cowboy Channel Plus at cowboychannelplus.com, DIRECTV NOW, Roku, iOS, Android, Firestick, Apple TV, and Sling TV’s Heartland Extra package. For more information, please visit thecowboychannel.com

About AT&T Stadium:

AT&T Stadium is the largest, most technologically advanced entertainment venue in the world. Designed by HKS and built by Manhattan Construction, the $1.2 billion stadium features two monumental arches, the world’s largest HDTV video board cluster, an expansive retractable r