As a part of making significant changes to Berkshire Hathaway Inc's investment portfolio in lieu of the improving economic condition, Chief Executive Warren Buffett almost doubled the company's stake in Wal-Mart Stores in the third quarter of the current year by adding another 18 million shares of the retail store chain.
With the move, the total value of Berkshire's equity holdings surged by over 15% to $56.6 Billion, as recorded on September 30. In Wal-Mart, the firm increased its stake from a previous 19.9 million shares (June end), to a new high of 37.8 million shares. In addition to Wal-Mart, CEO Buffett also increased his company's stake in some other major firms, while cutting back on some others.
Berkshire Hathaway shared a new holding of 27,366 shares in travel insurer Travelers Cos., 3.4 million new shares of Nestle and 3.625 million shares in Republic Services. An addition of 11 million Wells Fargo shares were also reported.
On the other hand, cut backs were also revealed. Buffett shared that the company now had no stake in Eaton Corp, in contrast to the 2 million shares reported in June and no holdings in Wabco, compared to the June report of 2.7 million shares. Holdings of ConocoPhilips, NRG Energy, Wellpoint and Sun Trust Banks Inc. were also reportedly reduced by substantial numbers.