Tuesday, February 15, 2011

Warren Buffett Says Goodbye to Bank of America (NYSE:BAC)

In a filing with the Securities and Exchange Commission, Warren Buffett's Berkshire Hathaway (NYSE:BRK-A) revealed it totally divested of shares of Bank of America (NYSE:BAC) in the last quarter.

Buffett owned 5 million shares of Bank of America valued at around $745 million.

Bank of America had never been part of Berkshire's long-term financial holdings, which include M&T Bank (NYSE:MTB), American Express (NYSE:AXP), and Wells Fargo (NYSE:WFC).

One of Buffett's favorite companies, he acquired another 6.2 million shares of Wells Fargo in the fourth quarter. Berkshire's stake in Wells Fargo now stands at about 20 percent of the overall $52 billion investment portfolio held by the giant company.

Buffett lowered his stake in Bank of New York Mellon Corp. (NYSE:BK).

Non-bank stocks he sold were 6.5 million shares of Lowe's (NYSE:LOW); 6.1 million shares of Nalco Holding Co. (NYSE:NLC); 3.9 million shares of Fiserv Inc. (NASDAQ:FISV); 3.6 million shares of Nike Inc. (NYSE:NKE); 3.4 million shares of Nestle ; 1.9 million shares of Becton, Dickinson & Co. (NYSE:BDX); and 187,000 Comcast Corp. (NASDAQ:CMCSA) shares.

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