Berkshire sells off more Moody's shares, stake down to 11.1 percent

Mon May 6, 2013 7:38pm EDT

Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking

Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013.

Credit: Reuters/Rick Wilking

(Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) sold off another 1.375 million of its Moody's Corp (MCO.N) shares in the past three trading days, leaving it with an 11.1 percent stake in the parent of credit rating agency Moody's Investors Service.

Berkshire sold the shares in several transactions on Thursday, Friday and Monday, yielding a total of $84.5 million and leaving it with about 25.3 million shares, according to a regulatory filing on Monday.

Last Wednesday, Berkshire Hathaway said it had sold 1.75 million Moody's shares in the first three days of last week, the first time since 2010 it had sold shares in Moody's.

Berkshire once held a stake of more than 20 percent in Moody's. It has owned shares of the New York-based company for well over a decade.

Moody's shares rose 1.2 percent to $63.50 in regular trading on Monday, hitting a new 52-week high.

(Reporting by Phil Wahba in New York; Editing by Cynthia Osterman)

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Comments (1)
landman wrote:
Sell and get out of accounting firms , analysts and rating agencies. They are all cooking the numbers and very soon these chickens will come home to roost. The complicity in manipulating share prices and values will have to be tempered with a little less insider and computer trading.

May 06, 2013 8:35pm EDT  --  Report as abuse
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