Warren Buffett's Berkshire Hathaway (TIKER: BRK.A.NYSE) has eliminated its total stake in General Electric (TIKER: GEC.XETRA) — about 10.6 million shares, Business Insider reported on Tuesday.
According to the company’s filing with the Securities and Exchange Commission on Monday, their entire $315.4 million stake in General Electric in the second quarter was liquidated.
General Electric went down 20.08% this year, however it rose 0.63% on Monday, when the the filing was released.
Instead Berkshire Hathaway decided to boost its investment in the Bank of New York Mellon Corp, increasing its stake to 50.2 million shares from 33 million in March, it also added a large share ($520.7 million in value) of Synchrony (TIKER: SYF.NYSE), and in Store Capital ($418.1 million stake).
Buffett’s Apple (TIKER: AAPL.NASDAQ) investment was also increased to 130.2 million shares (from 129 million shares in March).
Berkshire Hathaway owns more than 90 companies, including insurance, retail, manufacturing, railroad and candy companies.