Berkshire Hathaway stake in Moody's has dropped just below 15 percent, after Warren Buffett's company sold more than 2.7 million shares over two days, raising almost $68 million.
Berkshire held over 20 percent of Moody's shares six months ago.
With 35,357,393 shares remaining, however, Berkshire is still the credit rating agency's largest shareholder by far.
A filing with the SEC shows Berkshire sold 2,004,946 shares at a weighted average price of $25.0381 through multiple transactions on Monday, December 7. Another 704,346 shares were sold at an average price of $24.8074 on Tuesday, December 8.
They are the first reported sales since just over 1.1 million shares were sold in late October.
Berkshire has sold 12.6 million shares, raising a total of $335.6 million since it started reducing its Moody's position in late July. All the sales have been made at times when the stock was trading in the mid-to-high $20s. Average selling price: $26.55. Current price:
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