(Bloomberg) -- Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., sold about a third of his company's investment in computer-services giant IBM, CNBC reported.
The sales came in the first and second quarters, CNBC said, citing Buffett.
Berkshire started building its International Business Machines Corp. stake in 2011, eventually becoming the company's largest shareholder, with an investment valued at almost $13 billion. IBM's shares gained about 21 percent in 2016 after a run of three straight annual declines, and are still more than 25 percent lower than the company's 10-year peak in 2013. The shares have lagged behind both technology peers and the S&P 500 Index in 2017.
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“I don't value IBM the same way that I did six years ago when I started buying,” Buffett told CNBC. “I've revalued it somewhat downward.”
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To contact the reporter on this story: Jing Cao in New York at hcao38@bloomberg.net.
To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Dan Reichl, David Scheer
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