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Berkshire Hathaway Inc BRK.B

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Berkshire Once Again a Net Seller of Equities in Q1; Apple Remains Top Stock Holding

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

Wide-moat rated Berkshire Hathaway has been fairly quiet about its gradual exiting of its long-held stake in Wells Fargo, having sold off another 51.7 million shares (for an estimated $1.8 billion) during the March quarter. This marked the fourth straight quarter of meaningful sales of shares of the bank, which at one time had been a prized holding--a stake CEO Warren Buffett even tried several times over the years to increase above the 10% bank ownership limit for non-bank entities. At this point, it looks like Bank of America, which has not been mired in the scandals that have plagued Wells Fargo, will be at the forefront of Berkshire's bank holdings, accounting for 14.5% of the insurer's $270.4 billion 13-F portfolio at the end of March. In just the past year, Berkshire has either winnowed down or eliminated stakes in Wells Fargo, JPMorgan Chase, PNC Financial, M&T Bank, US Bancorp, and Bank of New York Mellon, all while adding to its stake in Bank of America. Even so, Apple remains Berkshire's top holding, accounting for 40.1% of the portfolio at the end of the first quarter.

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Company Profile

Business Description

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from these and its other operations over the years to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the firms that make up its manufacturing, service, and retailing operations (which include five of Berkshire's largest noninsurance pretax earnings generators: Precision Castparts, Lubrizol, Clayton Homes, Marmon and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis.

Contact
3555 Farnam Street
Omaha, NE, 68131
T +1 402 346-1400
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 360,000

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