Banking, finance, and taxes
Buffett Dumping More & More Moody's (MCO)
Published:
Last Updated:
It wasn’t that long ago that we gave a list of stocks that Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) needed to dump to help pay for its Burlington Northern Santa Fe (NYSE: BNI) acquisition. Moody’s Corp. (NYSE: MCO) was one of those stocks. He had already lightened up some since, and on Monday evening came a filing at the SEC confirming that Buffett was dumping more stock.
The filing was 3 groups of stock coming to a total of 3,454,791 share sold. That leaves Buffett’s Berkshire Hathaway with 31,902,602 shares. We doubt he’ll be out of this position entirely by the end of the year, but the writing has been on the wall here for two years that the ratings agency game and dominance is over.
The weighted average sales price here was north of $26.00, and Moody’s common stock has a 52-week trading range of $15.57 to $31.79. This was a $60 and $70 stock as recently as mid-2007 when the cracks in the ratings agency model were already coming front and center. Buffett has finally capitulated on this one.
Jon C. Ogg
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
