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Aug. 14, 2020, 5:25 p.m. EDT

Buffett's Berkshire buys gold miner Barrick, slashes Wells Fargo and JPMorgan, dumps Goldman stake amid coronavirus

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    Berkshire Hathaway Inc. Cl A (BRK.A)
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    Berkshire Hathaway Inc. Cl B (BRK.B)
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    Wells Fargo & Co. (WFC)

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By Mark DeCambre

Warren Buffett's Berkshire Hathaway Inc. /zigman2/quotes/208872451/composite BRK.A -0.93% /zigman2/quotes/200060694/composite BRK.B -0.95% unloaded more than a quarter of its stake in Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -0.50% and about 61% of its position in JPMorgan Chase /zigman2/quotes/205971034/composite JPM -0.70% , while acquiring a new position in Barrick Gold Corp. /zigman2/quotes/201432642/composite GOLD -0.54% , according to 13F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon. Berkshire's moves appeared to reflect a broad lightening of the conglomerates exposure to large-capitalization banks during the worst public health crisis in generations. Berkshire sold 85.6 million shares of Wells Fargo, representing about 26% of its stake and putting its ownership to about 3% from 5.3%. The insurance conglomerate also shed 35.5 million shares of JPMorgan, 61% of its position, which now represents 1% of Berkshire's overall portfolio from 3% in the prior period. Meanwhile, the investment firm acquired nearly 21 million shares of Barrick Gold worth $563 million, representing 0.3% of Berkshire's holding. Berkshire also reduced its holding in PNC Financial Services /zigman2/quotes/203416310/composite PNC -0.09% , selling 3.85 million shares to cut its position to 0.3% from 0.5%. The insurance conglomerate boosted its stake in grocery chain Kroger Co. /zigman2/quotes/206215053/composite KR -0.63% by 15%, purchasing 3 million shares. The report also showed that Buffett's firm dumped its entire stakes in Goldman Sachs /zigman2/quotes/209237603/composite GS +0.26% , Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY -0.89% , as well as consummating an exodus of airline companies, including American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL +1.65% , Delta Air Lines /zigman2/quotes/200327741/composite DAL +1.21% United Airlines /zigman2/quotes/205037281/composite UAL +5.02% and Southwest Airlines Co. /zigman2/quotes/201071949/composite LUV +1.44% . Berkshire didn't change its holdings in Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.26% , where the firm owns at 245.156 million shares. Large investors must disclose long stock positions held at the end of a quarter 45 days later in a 13F filing with the SEC, which means such filings are merely a snapshot of an investor holdings at a given point. Berkshire Class A and B shares are down by about 0.6% and 0.5% at Friday's close. Meanwhile, shares of Wells Fargo were down 0.8% in after-hours trade on Friday, JPMorgan shares edged 0.1% lower, while Barrick's stock was up 3.9% after Friday's closing bell. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.23% booked a meager gain on the day, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.24% and technology-laden Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.03% closed in negative territory. However, all three benchmarks booked weekly gains.

/zigman2/quotes/208872451/composite
US : U.S.: NYSE
$ 315,534
-2,970 -0.93%
Volume: 170.00
Oct. 19, 2020 11:35a
P/E Ratio
22.99
Dividend Yield
N/A
Market Cap
$506.51 billion
Rev. per Employee
$637,113
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/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 209.90
-2.01 -0.95%
Volume: 983,841
Oct. 19, 2020 11:40a
P/E Ratio
23.00
Dividend Yield
N/A
Market Cap
$506.51 billion
Rev. per Employee
$637,113
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 22.75
-0.11 -0.50%
Volume: 10.89M
Oct. 19, 2020 11:40a
P/E Ratio
61.15
Dividend Yield
1.76%
Market Cap
$94.47 billion
Rev. per Employee
$392,114
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 100.80
-0.71 -0.70%
Volume: 2.90M
Oct. 19, 2020 11:40a
P/E Ratio
13.14
Dividend Yield
3.57%
Market Cap
$309.36 billion
Rev. per Employee
$497,647
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/zigman2/quotes/201432642/composite
US : U.S.: NYSE
$ 27.42
-0.15 -0.54%
Volume: 5.44M
Oct. 19, 2020 11:40a
P/E Ratio
8.25
Dividend Yield
1.17%
Market Cap
$48.96 billion
Rev. per Employee
N/A
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/zigman2/quotes/203416310/composite
US : U.S.: NYSE
$ 111.38
-0.10 -0.09%
Volume: 308,667
Oct. 19, 2020 11:40a
P/E Ratio
6.65
Dividend Yield
4.13%
Market Cap
$47.27 billion
Rev. per Employee
$367,770
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/zigman2/quotes/206215053/composite
US : U.S.: NYSE
$ 33.86
-0.21 -0.63%
Volume: 1.41M
Oct. 19, 2020 11:40a
P/E Ratio
10.21
Dividend Yield
2.13%
Market Cap
$26.38 billion
Rev. per Employee
$269,849
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/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 206.74
+0.53 +0.26%
Volume: 1.10M
Oct. 19, 2020 11:40a
P/E Ratio
11.44
Dividend Yield
2.42%
Market Cap
$70.95 billion
Rev. per Employee
$1.34M
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/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 10.00
-0.09 -0.89%
Volume: 9.09M
Oct. 19, 2020 11:40a
P/E Ratio
N/A
Dividend Yield
0.40%
Market Cap
$9.39 billion
Rev. per Employee
$1.60M
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/zigman2/quotes/209207041/composite
US : U.S.: Nasdaq
$ 12.67
+0.21 +1.65%
Volume: 24.73M
Oct. 19, 2020 11:40a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.34 billion
Rev. per Employee
$345,547
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/zigman2/quotes/200327741/composite
US : U.S.: NYSE
$ 31.85
+0.38 +1.21%
Volume: 6.15M
Oct. 19, 2020 11:40a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$20.07 billion
Rev. per Employee
$499,337
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/zigman2/quotes/205037281/composite
US : U.S.: Nasdaq
$ 35.88
+1.72 +5.02%
Volume: 15.04M
Oct. 19, 2020 11:40a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.94 billion
Rev. per Employee
$448,946
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/zigman2/quotes/201071949/composite
US : U.S.: NYSE
$ 40.25
+0.57 +1.44%
Volume: 3.18M
Oct. 19, 2020 11:40a
P/E Ratio
100.44
Dividend Yield
0.00%
Market Cap
$23.41 billion
Rev. per Employee
$373,554
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 119.33
+0.31 +0.26%
Volume: 44.06M
Oct. 19, 2020 11:40a
P/E Ratio
36.15
Dividend Yield
0.69%
Market Cap
$2063.49 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
28,540.74
-65.57 -0.23%
Volume: 112.89M
Oct. 19, 2020 11:40a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,475.28
-8.53 -0.24%
Volume: 715.49M
Oct. 19, 2020 11:40a
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,668.58
-2.97 -0.03%
Volume: 1.30M
Oct. 19, 2020 11:40a
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