Berkshire Hathaway reshuffles stock portfolio with new Delta and Alphabet stakes

Berkshire Hathaway made significant changes to its massive stock portfolio in the first quarter under new Chief Executive Greg Abel, initiating major new positions in Delta Air Lines and Alphabet while exiting dozens of other investments. The moves, detailed in a regulatory filing on May 15, represent the most substantial reshuffling of the conglomerate’s holdings in years.

The Omaha-based company disclosed a new $2.65 billion stake in Delta Air Lines, purchasing 39.8 million shares. This marks a notable return to the airline sector for Berkshire, which had sold all of its airline holdings in 2020. Delta shares rose more than 3% in after-hours trading following the news.

In a more substantial shift, Berkshire more than tripled its investment in Alphabet, the parent company of Google. The conglomerate increased its Alphabet holdings by 224%, bringing its total stake to nearly 58 million shares valued at approximately $17 billion as of March 31. This makes Alphabet one of Berkshire’s seven largest equity holdings.

The company also established a new, smaller position in retailer Macy’s, valued at roughly $55 million. Macy’s shares jumped nearly 6% in extended trading.