Buffett's Berkshire Hathaway slashes IBM stake

Jimmy 3x3 | 10 Views | 2017-11-14T22:05:33+00:00

NEW YORK (Reuters) - Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) has sold another large piece of its stake in IBM Corp (IBM.N), backing further away from an investment that the billionaire has admitted was not one of his best.

Berkshire Hathaway chairman and CEO Warren Buffett talks with a reporter before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. REUTERS/Rick Wilking

Berkshire reduced its IBM stake 32 percent in the third quarter to about 37 million shares from 54.1 million shares, according to a quarterly regulatory filing on Tuesday detailing Berkshire’s U.S.-listed stock holdings.

It had by the end of September reduced its IBM stake by 54 percent since the end of 2016, when it owned roughly 81 million shares. IBM’s full name is International Business Machines Corp.

Reporting by Jonathan Stempel in New York; Editing by Lisa Shumaker

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