Billionaire Warren Buffett just dumped about $1.25 billion in Bank of America (BAC) shares while piling into one bellwether firm.
Updated filings with the U.S. Securities and Exchange Commission (SEC) show Buffett’s Berkshire Hathaway has unloaded 26,306,156 shares in Bank of America for around $47.57 per share in the second quarter of the year.
Meanwhile, Berkshire has added UnitedHealth Group (UNH) to its portfolio, acquiring 5.04 million shares worth about $1.57 billion in the healthcare giant.
UnitedHealth Group has long been regarded as a benchmark stock that’s recently lost billions in market cap as the firm faces accusations of improperly denying claims alongside investigations into potential fraud in its Medicare Advantage plans and concerns over patient data use.
In addition to UNH, Berkshire made five other new plays.
Berkshire now owns 6.61 million shares, worth $856.79 million, in steelmaker Nucor Corp (NUE), 7.05 million shares, worth $779.68 million, in housing developer Lennar Corp (LEN) and 1.48 million shares, worth $191.4 million, in home builder DR Horton (DHI).
Berkshire also added billboard ad company Lamar Advertising (LAMR) to its portfolio, acquiring 1.16 million shares worth $141.93 million, as well as Allegion (ALLE), acquiring 780,133 shares worth $112.43 million in the global security products manufacturer.
In Q1 of this year, Berkshire slashed more than $3.2 billion worth of shares in BAC and two other banking giants, Citigroup and Capital One. Berkshire had completely exited Citigroup, having unloaded its remaining 14,639,502 shares worth about $1 billion. Berkshire had also dropped about $46.489 million in Capital One exposure, or 300,000 shares, with the firm now holding onto 7.15 million shares.
The firm unloaded 48.7 million Bank of America shares in Q1, worth about $2.19 billion. Berkshire Hathaway now holds 605.26 million shares in Bank of America worth $28.6 billion.
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