Warren Buffett: Buffett's Berkshire Hathaway Sells 3.5M Shares Of Moody's
For the second time this month, billionaire investor Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) sold shares of Moody's Corp. (MCO), dropping 3.5 million shares between Thursday and Monday.
Berkshire, which sold 2.7 million shares of the stock a week ago, has been selling shares regularly since this summer. The most recent sale brings Berkshire's ownership down to around 31.9 million shares.
After the sale, Berkshire owned 13.5% of Moody's outstanding shares.
Over the last three days, Berkshire sold shares for prices ranging from $25.15 to $26.69. The conglomerate also reported selling 1.2 million shares of Moody's in October, close to 800,000 shares in September and 8 million shares in July.
Moody's shares closed Monday at $26.56, down 0.5%.
Moody's business has suffered during the financial crisis, and the company has been criticized for the top grades it, like some other rating agencies, issued to mortgage-backed securities that later underperformed.
(WSJ)