Warren Buffett’s Berkshire Hathaway purchased 9.9 million shares of Capital One Financial Corp. and dropped its stakes in the Bank of New York Mellon and U.S. Bancorp, according to a regulatory filing.
The Capital One stake would be worth $954 million, based on the closing price on March 31.
Berkshire also disclosed a $41.3 million stake in Diageo Plc, the maker of alcoholic beverages including Johnnie Walker and Guinness, in Monday's filing.
Meanwhile, Buffett's company was a net seller of stocks in the quarter, buying $2.87 billion and selling $13.28 billion as it devoted resources elsewhere, including $8.2 billion to boost its stake in truck stop operator Pilot Travel Centers to 80% from 38.6%.
According to the filing, nearly half of Berkshire’s stock sales were in Chevron Corp and Occidental Petroleum, although Buffett maintains a 23.7% stake in Chevron.
Despite the quarter’s high volume of stock sales, Berkshire still invested in several financial services companies including Bank of America and American Express, where Berkshire's respective $29.5 billion and $25 billion stakes make them its largest stock holdings other than a $151 billion stake in Apple.