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Buffett exits IBM, trims stake in Phillips 66 in Q1

Berkshire Hathaway Inc. slashed its stake in Phillips 66 during the first quarter, one of the insurance conglomerate's largest moves during the period, according to its latest ownership filing.

Chairman, President and CEO Warren Buffett reduced Berkshire's shares in the oil and gas giant by about 44% to 45,689,892 shares, which were worth about $4.38 billion as of March 31.

Buffett increased his company's investment in Monsanto Co. by 7,261,387 shares, or about 62%, during the period. By the end of the quarter, Berkshire owned 18,970,134 shares of Monsanto, valued at around $2.21 billion.

Buffett also increased Berkshire's stake in Teva Pharmaceutical Industries Ltd by 21,663,989 shares in the first quarter. Berkshire owned 40,539,710 Teva shares worth about $692.8 million as of March 31.

Berkshire acquired 74,233,671 Apple Inc. shares during the first quarter. Berkshire owned 239,567,633 Apple shares worth about $40.19 billion as of March 31. Berkshire exited its stake in International Business Machines Corp., selling the remaining 2,048,045 shares it had as of Dec. 31, 2017.

Buffett also increased his company's holdings in U.S. Bancorp by about 4.4% to 90,847,721 shares valued at $4.59 billion. He lowered Berkshire's stake in Verisk Analytics Inc. by about 82% to 284,778 shares, which were worth about $29.6 million as of March 31.

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