Warren Buffett’s Berkshire halts Apple selling, bets on Corona beer seller, slashes stakes in BofA, Citi

The ‘God of Stocks’ – Warren Buffett’s Berkshire Hathaway disclosed a new $1.2 billion stake in Constellation Brands and halted the sale of Apple shares after months of reductions, according to a regulatory filing. The investment firm also continued cutting its holdings in major banks, including Citigroup and Bank of America, while its cash reserves neared $325 billion.Berkshire reported holding 5.62 million shares of Constellation Brands at the end of December 2024. The stock, which includes beer brands such as Modelo Especial and Corona, rose 6.7% in after-hours trading following the disclosure. The investment marks a new position for Berkshire, which also holds a small stake in spirits company Diageo.

The regulatory filing showed that Berkshire’s Apple holdings remained at 300 million shares, valued at $75.1 billion, making it the investment firm’s largest common stock investment. Berkshire had sold 490 million Apple shares over the first nine months of 2024 but did not reduce its position in the fourth quarter.

In the financial sector, Berkshire slashed its Citigroup stake by 74% to 14.6 million shares and reduced its Bank of America holdings by 15% to 680.2 million shares. The investment firm has now cut its stake in Bank of America by a third since July. It also trimmed its holdings in Capital One and Brazilian fintech firm Nu Holdings.
Berkshire exited its position in Ulta Beauty, selling its entire stake in the cosmetics retailer after less than a year. It also sold off its holdings in the SPDR S&P 500 ETF (SPY) and Vanguard S&P 500 ETF (VOO).
Other notable investments included an 86% increase in Domino’s Pizza shares and additional purchases of Occidental Petroleum, bringing Berkshire’s total stake in the oil company to 264.2 million shares worth $13.05 billion.

Berkshire’s cash holdings reached $325.2 billion by the end of 2024, the filing showed. The company’s annual report, expected on February 22, will provide further details on its year-end financial results.

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