Warren Buffett’s Berkshire Hathaway Sells Huge Blocks of Delta, Southwest Stock
|Date | 06-04-2020 - 11:04 AM||Article Type | Stock Markets||Region | World|
Warren Buffett’s Berkshire Hathaway disclosed that it sold large blocks of stock in Delta Air Lines and Southwest Airlines.
Berkshire (ticker: BRKB ) subsidiaries sold 13 million Delta (DAL) shares over Wednesday and Thursday for a total of $314.2 million, a per-share average of $24.19 each. Berkshire now has overall ownership of 58.9 million Delta shares, according to a form it filed with the Securities and Exchange Commission.
Buffett’s firm also sold 2.3 million Southwest shares (LUV) over the same two days for a total of $74.3 million, an average price of $32.22 each. Berkshire now owns 51.3 million Southwest shares, according to a second SEC filing.
Berkshire indicated in both forms that it now owns less than 10% of each airline.
Berkshire didn’t immediately respond to a request for comment on the stock sales.
A little more than a month ago, Berkshire was buying Delta stock, paying $45.3 million on Feb. 27 for a total of 976,507 shares, an average per-share price of $46.40.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.