• Berkshire sells stake in Phillips 66 and Travelers
  • Reduces its holdings of Goldman Sachs
  • Moves follow recent sale of all airline holdings

During the recent annual meeting that Berkshire Hathaway Inc. (BRK.A, BRK.B) held on May 2, 2020, Chair and CEO Warren Buffett revealed that, in April, the company had unloaded its entire equity stakes in four major U.S. airlines, American Airlines Group Inc. (AAL), Delta Air Lines Inc. (DAL), Southwest Airlines Co. (LUV), and United Airlines Holdings Inc. (UAL).

Based on Berkshire's subsequent quarterly filing of SEC Form 13F on May 15, the company indicates that it also has sold its entire share holdings in energy company Phillips 66 (PSX) and financial services firm Travelers Companies Inc. (TRV), while exiting most of its position in financial services firm Goldman Sachs Group Inc. (GS).

Berkshire also has trimmed its share holdings of banking giant JPMorgan Chase & Co. (JPM), satellite radio service Sirius XM Holdings Inc. (SIRI), and credit card issuer Synchrony Financial Corp (SYF) each by about 3%. Meanwhile, Berkshire increased its stake in shares of banking company PNC Financial Services Group Inc. (PNC) by about 6%.

Key Takeaways

  • Berkshire Hathaway filed its latest Form 13F on May 15, 2020.
  • The company already announced an exit from airline shares.
  • It also has slashed its stake in financial giant Goldman Sachs.
  • It has increased its bet on regional bank PNC Financial.

Details on Berkshire's Recent Major Moves

As of its previous Form 13F filing dated Feb. 14, 2020, Berkshire's holdings in the common stock of the aforementioned companies were, with their respective market values as of that date:

  • American Airlines, 42.5 million shares, $1.2 billion
  • Delta Airlines, 70.9 million shares, $4.1 billion
  • Southwest Airlines, 53.6 million shares, $2.9 billion
  • United Airlines, 21.9 million shares, $1.9 billion
  • Travelers, 312 thousand shares, $42.8 million
  • Goldman Sachs, 12.0 million shares, $2.8 billion
  • Phillips 66, 227 thousand shares, $25.3 million
  • JPMorgan Chase, 59.5 million shares, $8.3 billion
  • Sirius XM, 136.3 million shares, $974.4 million
  • Synchrony Financial, 20.8 million shares, $749.1 million
  • PNC Financial, 8.7 million shares, $1.4 billion

According to its latest Form 13F filed on May 15, Berkshire's holdings of the stocks listed above that it has retained are now at these amounts:

  • Goldman Sachs, 1.9 million shares, $296.8 million
  • JPMorgan Chase, 57.7 million shares, $5.2 billion
  • Sirius XM, 132.4 million shares, $654.1 million
  • Synchrony Financial, 20.1 million shares, $323.9 million
  • PNC Financial, 9.2 million shares, $880.4 million

With the market being battered by the COVID-19 coronavirus crisis, the share prices of the select stocks mentioned above that Berkshire has retained have fallen significantly from Feb. 14 to May 15: