Banking, finance, and taxes
Buffett Dumping More & More Moody's (MCO)
Published:
Last Updated:
It wasn’t that long ago that we gave a list of stocks that Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) needed to dump to help pay for its Burlington Northern Santa Fe (NYSE: BNI) acquisition. Moody’s Corp. (NYSE: MCO) was one of those stocks. He had already lightened up some since, and on Monday evening came a filing at the SEC confirming that Buffett was dumping more stock.
The filing was 3 groups of stock coming to a total of 3,454,791 share sold. That leaves Buffett’s Berkshire Hathaway with 31,902,602 shares. We doubt he’ll be out of this position entirely by the end of the year, but the writing has been on the wall here for two years that the ratings agency game and dominance is over.
The weighted average sales price here was north of $26.00, and Moody’s common stock has a 52-week trading range of $15.57 to $31.79. This was a $60 and $70 stock as recently as mid-2007 when the cracks in the ratings agency model were already coming front and center. Buffett has finally capitulated on this one.
Jon C. Ogg
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
