Berkshire Hathaway BRK.A BRK.B will release its new 13F this month, revealing to Warren Buffett watchers which stocks the firm bought and sold during the fourth quarter of 2025. Notably, this report will be Buffett’s last as CEO; Greg Abel stepped into the CEO spot at the start of 2026.
There’s always an interest in Berkshire’s buys and sells each quarter. But given that the firm is transitioning to new leadership, the Buffett faithful will be scrutinizing this upcoming report even more closely than usual for clues about where the firm’s public portfolio may be heading under new leadership.
We already know from public filings in January that Berkshire is likely to offload its stake in Kraft Heinz KHC in 2026. And some think that move may be the first of several. “We see the timing of this sale as reflecting Abel’s desire to clean up and pare down the firm’s investment portfolio early in his tenure,” says Morningstar senior analyst Greggory Warren.
What other Berkshire Hathaway stocks could be on the chopping block? Here are a few potential candidates, based on trends in Berkshire’s portfolio sales during the past four quarters.
3 Warren Buffett Stocks Berkshire May Sell Next
Here’s the rationale behind each of these possible Berkshire Hathaway stock sales, along with some commentary about each stock from the Morningstar analyst who covers it. All data is as of Jan. 28.
Bank of America
- Morningstar Rating for Stocks: 3 stars
- Economic Moat Rating: Wide
- When did Berkshire sell shares? Q4 2024, Q1 2025, Q2 2025, and Q3 2025
Berkshire has been consistently scaling back in Bank of America stock during the past year. The bank remains a top-three holding for Berkshire Hathaway and, as such, is unlikely to be sold entirely anytime soon, but it wouldn’t be surprising to see Berkshire continue to trim its position in the company—especially considering the stock’s valuation today.
Here’s what Morningstar director Sean Dunlop had to say about Bank of America after the company reported earnings last month.
Bank of America reported fourth-quarter 2025 earnings, with shares falling nearly 5% in Jan. 14 trading despite modest sales and earnings outperformance relative to FactSet consensus estimates.
Why it matters: We view the market’s reaction as reflexive and somewhat short-sighted, with shares appearing to sell off in response to expense guidance for 2026 and perhaps, to a lesser extent, relative weakness in investment banking and global markets.
- As we see it, investors should pay more attention to the firm’s expectation that it will generate 200 basis points of operating leverage in the year to come (that is, increase revenue by 2 percentage points more than expenses increase) and should continue to benefit from net interest income growth tailwinds that competitors do not as ill-timed securities investments from 2020-21 reprice at higher yields.
- Married with our more optimistic outlook for capital markets returns in 2026-27, which drives better performance in noninterest revenue lines like wealth and investment management, institutional trading, and investment banking, we see a viable route to achieving the firm’s investor day targets for a 55% to 59% efficiency ratio (lower is better).
The bottom line: With those changes and a few model housekeeping adjustments—like lowering our through-the-cycle net charge-off expectations to 55 basis points, from 0.72%—in line with management guidance, we meaningfully raise our fair value estimate for wide-moat Bank of America to $58 from $51.
- Most of the change can be attributed to stronger expected growth in fee income lines—to a compound annual growth rate of 4.4% between 2026 and 2030, from 3.9% prior—and to giving the firm more credit for the strides it has made toward achieving its efficiency ratio targets.
- To this effect, driven by our forecast 6.4% compound annual growth in net interest income between 2026 and 2030, we now expect the firm’s efficiency ratio to equilibrate around 57%, from 58% previously.
Sean Dunlop, director
Read Morningstar’s full report on Bank of America.
3 Warren Buffett Stocks to Buy and Hold Forever
DaVita
- Morningstar Rating for Stocks: 4 stars
- Economic Moat Rating: Narrow
- When did Berkshire sell shares? Q1 2025, Q2 2025, and Q3 2025
Berkshire Hathaway has held a position in DaVita since 2011 but was actively scaling back in the stock in 2025. Berkshire owns about 45% of DaVita’s shares today. DaVita had a tough 2025 because of declining patient treatment volumes and a cyberattack; fears that GLP-1 drugs may reduce demand for dialysis over time have weighed on shares, too.
Here’s what Morningstar senior analyst Julie Utterback has to say about the company.
After selling DaVita Medical Group in 2019, DaVita has focused on providing services to end-stage renal disease patients, primarily in the United States, although its international footprint is expanding organically and through acquisitions. Over several decades, DaVita has built the largest network of dialysis clinics in the US, and although covid-19-related mortality and labor pressures cut into its profits in recent years, we see brighter days ahead for the firm, despite long-term potential challenges emerging on the obesity drug front.
After tough years during the pandemic, we expect DaVita to get back to more-normalized growth driven primarily by ESRD trends. We think mid-single-digit revenue growth is likely in the long run based on the continued expansion of the US dialysis patient population, mild revenue per treatment growth, and ongoing international expansion. These expectations include ongoing expansion of at-home treatments. DaVita benefits from extending the at-home treatment stage for dialysis patients, wherever they are, since at-home patients are managed through a dialysis clinic, and they often have to transition to in-clinic care eventually.
Although the expansion of GLP-1 drugs creates a threat to dialysis players like DaVita as kidney disease progression slows, these drugs look likely to also improve survival due to cardiac and other benefits for chronic kidney disease patients over time. In fact, DaVita management has said it expects the expansion of these drugs should have a roughly neutral effect on its patient population for at least the next decade.
Julie Utterback, senior analyst
Read Morningstar’s full report on DaVita.
Charter Communications
- Morningstar Rating for Stocks: 5 stars
- Economic Moat Rating: Narrow
- When did Berkshire sell shares? 4Q 2024, 1Q 2025, and Q2 2025
Berkshire Hathaway first initiated a position in Charter Communications in 2014 but sold some of its stake in three of the prior four quarters. We think that it will take some time before Charter will return to broadband customer growth, but the stock looks very undervalued according to our metrics.
Here’s Morningstar director Mike Hodel’s outlook for the company.
We like Charter’s efforts to drive customer penetration by limiting price increases, improving customer service, and expanding its offerings to appeal to a variety of preferences. Competition has increased over the past couple of years as fixed-wireless broadband has gained share and fiber networks continue to expand, and we don’t expect Charter will return to broadband customer growth soon. But we still believe it can drive modest growth and generate consistent cash flows, especially after its rural network expansion wraps up.
Charter’s cable networks have provided a significant competitive advantage versus its primary competitors—phone companies like AT&T—as high-quality internet access has become a staple utility. Charter has upgraded its network to meet consumer demand for faster speeds at modest incremental cost, while the phone companies have ignored their networks across big chunks of the country. However, the phone companies and multiple smaller private firms have increased fiber network investment over the past four years, which we expect will limit Charter’s ability to grow. We believe Charter will remain a strong competitor, though and that competition will remain rational, as other carriers seek to earn adequate returns on their investments.
Wireless technology has also emerged as a new competitor to fixed-line internet access. We’re skeptical of wireless’ ability to meet network capacity on a wide scale over the long term. Still, wireless has clearly carved out a niche that has cut into Charter’s market share. If new data-intensive applications don’t emerge in the coming years, the number of broadband customers wireless can serve could prove larger than we expect.
We expect dense fixed-line networks like Charter’s could play an increasingly important role in powering wireless networks in the future. Charter has amassed 11 million wireless customers, primarily relying on Verizon’s network for coverage. We expect the firm will explore ways to handle as much wireless traffic as possible on its own infrastructure, but we also worry that Verizon or other wireless carriers may withhold capacity or drive up prices to serve hard-to-reach areas.
Mike Hodel, Morningstar director
Read Morningstar’s full report on Charter Communications.
What Are the Top Berkshire Hathaway Stocks?
As of Berkshire’s most recent public release (Sept. 30, 2025), more than two thirds of the portfolio were held in its top five names.
