Major Changes Made To Buffett & Berkshire Hathaway Stakes

Berkshire Hathaway Inc. (NYSE: BRK-B, BRK-A) and Warren Buffett have just released their most recent U.S.-listed equity holdings showing that there have been some significant changes in the positions of the Berkshire Hathaway empire when you tally up the positions which were lowered or added to. This cut off date is as of June 30, 2012 and this report is a more “what you see is what you get” than in the past quarterly holdings.

Portfolio managers Todd Combs and Ted Weschler are still relatively new and those new positions of under $200 million $300 million are likely tied to them.   We have referenced these new holdings to prior quarters as well.

American Express Co. (NYSE: AXP) was roughly 151.6 million shares, SAME AS last quarter.

Bank of New York Mellon Corp. (NYSE: BK) is HIGHER AGAIN at more than 18.7 million shares versus 5.6 million shares last quarter and higher than the 1,793,915 shares two quarters ago.

CVS Caremark Corporation (NYSE: CVS) is now a SMALLER POSITION at just over 5.3 million shares versus 7.106 million shares last quarter.  What is interesting is that this position is not an old one and is rather new.

Coca Cola Co. (NYSE: KO) was right at 200 million shares, SAME AS BEFORE yet again.

ConocoPhillips (NYSE: COP) is a tad lower at almost 28.9 million shares, and that is lower than the roughly 29.1 million shares previously reported.  See below at the Phillips 66 (NYSE: PSX) stake.

Costco Wholesale (NASDAQ: COST) 4,333,363 shares, SAME AS last quarter.

Da Vita Inc. (NYSE: DVA) is now 9.3 million shares, HIGHER THAN the 6 million reported last quarter.

DirecTV (NASDAQ: DTV) is a LARGER POSITION again at 28.4 million shares or so, up from 22.999 million last quarter and versus 20.348 million shares a quarter before that.

Dollar General Corporation (NYSE: DG) is 3.32 million shares, LOWER THAN the 3.63 million shares last quarter and lower than the 4.497 million shares before that.

Gannett Co. (NYSE: GCI) was 1.74 million, SAME AS BEFORE but decreased in prior quarters.

General Dynamics Corporation (NYSE: GD) is the SAME AS BEFORE at 3.877 million shares after being a new position before.

General Electric Corp. (NYSE: GE) is a LOWER STAKE at 5.008 million shares versus 7.777 million shares the quarter before.

General Motors (NYSE: GM) is THE SAME at 10 million shares after having been a new stake last quarter.

GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS PRIOR QUARTERS.

International Business Machines Corporation (NYSE: IBM) was A LARGER POSITION at 66.63 million shares versus 64.395 million shares the quarter before.

Johnson & Johnson (NYSE: JNJ) was a MUCH LOWER POSITION of 10.33 million shares versus about 29 million shares the prior quarter. The peak was way up at 62 million shares or so at one point in prior quarters.

Kraft Foods (NYSE: KFT) was AGAIN A LOWER POSITION at about 58.8 million shares versus 78 million shares before and it had been lightened up prior to that as well.

Lee Enterprises Inc. (NYSE: LEE) was a NEW POSITION of 3,225,822 shares, but this was one that Buffett had asked for confidentiality treatment on in his newspaper endeavors.  This should have been known for the most part.

Liberty Media Corporation (NASDAQ: LMCA) is a LARGER POSITION YET AGAIN at 5.5 million shares versus 3 million shares last quarter and versus 1.7 million shares the quarter before that.

M&T Bank Corporation (NYSE: MTB) is 5.38+ million shares, SAME AS last quarter.

MasterCard Inc. (NYSE: MA) was 405,000 shares, the SAME AS last quarter but up from two quarters before that.

Moody’s Corp. (NYSE: MCO) was 28.4 million; SAME AS last quarter but way down from prior quarters and years.

National Oilwell Varco, Inc. (NYSE: NOV) was a NEW POSITION  of 2.84 million shares worth under $200 million at the end of the quarter.

Phillips 66 (NYSE: PSX) was a NEW POSITION of about 27.1 million shares, but we would advise that this had been telegraphed last month and should not be considered new even if it is fairly large stake after the spin-off.

Procter & Gamble (NYSE: PG) was 59.6 million shares, a LOWER POSITION AGAIN versus 73.2+ million last quarter and versus 76.7 million shares a quarter before.  This is down from a peak of 96.3 million shares in prior quarters.

Sanofi-Aventis (NYSE: SNY) was 4.06 million shares; SAME AS before.

Torchmark Corp. (NYSE: TMK) was more than 4.2 million, SAME AS last quarter after having been raised in a prior quarter.

US Bancorp (NYSE: USB) was DOWN SLIGHTLY to 66 million shares versus about 69 million shares in the prior quarters.

USG Corp. (NYSE: USG) was 17.072 million shares; SAME AS before.

United Parcel Service (NYSE: UPS) was a LOWERED POSITION to 261,900 shares versus 1.429 million shares last quarter.

Verisk Analytics, Inc. (NASDAQ: VRSK) 1.871 million shares, LOWER AGAIN versus 2.23 million shares last quarter and lower than the 3.445 million shares one quarter earlier.

Viacom Inc. (NASDAQ: VIA) was a LARGER POSITION at 6.8 million shares after having been a new position of 1.59 million shares one quarter earlier.

Visa Inc. (NYSE: V) was a LOWER POSITION at 2.079 million shares versus 2.865 million shares previously.

Wal-Mart Stores Inc. (NYSE: WMT) was THE SAME STAKE at just over 46.7 million shares, but that was grown in the last quarter.

Washington Post (NYSE: WPO) was over 1.72 million shares; SAME AS before.

Wells Fargo & Co. (NYSE: WFC) was GROWN YET AGAIN to more than 394.3 million versus more than 383 million shares last quarter. Buffett keeps buying Wells Fargo shares.

Comdisco Holdings (NASDAQ: CDCO) HAS BEEN ELIMINATED after having been roughly 1.5 million shares in prior quarters.

Ingersoll-Rand (NYSE: IR) was ALMOST ELIMINATED ENTIRELY down to on 20,400 shares versus 636,600 shares last quarter.

Intel Corporation (NASDAQ: INTC) was no longer listed as a position after having been 7.745 million shares last quarter and versus 11.495 million shares the quarter before that.

We would note that the total value of today’s public equity holdings was listed as over $74.32 billion versus about $75.3 billion the prior quarter.  This report is also missing the phrase “Confidential information has been omitted…” in this filing.

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JON C. OGG