Warren Buffett's latest moves: Berkshire ups one bank stake and dramatically cuts another

Published Fri, May 15 20205:34 PM EDTUpdated Fri, May 15 20206:53 PM EDT

(This story is for CNBC Pro subscribers only.) As the pandemic gripped financial markets, Warren Buffett's Berkshire Hathaway was building its massive cash pile to a record $137 billion. Meanwhile, a regulatory filing Friday showed the conglomerate trimmed some of its holdings and did some small-scale buying during the historic market turmoil. Berkshire increased its stake in PNC Financial Services by 6% to $880.4 million as of the end of March, according to InsiderScore citing the filing. After tumbling 40% in the first quarter, PNC has eked out a 2% gain so far in the second quarter. The conglomerate decreased its Goldman Sachs stake by 84% to about $297 million as of the end of the first quarter. Berkshire also trimmed its investments in JPMorgan, Sirius XM, Davita and Synchrony Financial. Berkshire also closed its small positions in Travelers Companies and Phillips 66, the filing showed. At Berkshire's 2020 annual shareholder meeting earlier this month, the "Oracle of Omaha" revealed he had dumped all the airline stocks as the industry changed fundamentally due to the economic fallout from the pandemic. The prior stake, worth north of $4 billion in December, included positions in United , American, Southwest and Delta Airlines. Here are Berkshire top 10 holdings as of the end of the first quarter: Apple - $62.3 billion Bank of America - $19.6 billion Coca-Cola - $17.7 billion American Express - $13 billion Wells Fargo - $9.3 billion Kraft Heinz - $8.1 billion Moody's - $5.2 billion JPMorgan - $ 5.2 billion US Bancorp - $4.5 billion Davita - $2.9 billion Tech giant Apple was Bershire's biggest holding as of the end of March. Shares of Apple rose 4.7% this year, outperforming the broader market, as investors bet that smart phone sales will pick up once the economic activity stabilizes. Berkshire swung a massive $50 billion loss in the first quarter largely due to losses in its equity investments during the market rout. Still, the first-quarter loss was a record for Buffett's conglomerate.

Warren Buffett

Gerry Miller | CNBC

(This story is for CNBC Pro subscribers only.)

As the pandemic gripped financial markets, Warren Buffett's Berkshire Hathaway was building its massive cash pile to a record $137 billion. Meanwhile, a regulatory filing Friday showed the conglomerate trimmed some of its holdings and did some small-scale buying during the historic market turmoil.