Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Apple Inc.
  6. News
  7. Summary
    AAPL   US0378331005

APPLE INC.

(AAPL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Berkshire sheds nearly all of Wells Fargo, a holding since 1989

05/17/2021 | 04:56pm EDT
FILE PHOTO: A Wells Fargo logo is seen in New York City

(Reuters) - Berkshire Hathaway Inc has sold nearly all of its holdings in Wells Fargo & Co, as Warren Buffett abandoned a more than 31-year-old investment that had been among his most successful before the bank was felled by scandals for mistreating customers. In a regulatory filing on Monday, Berkshire said it owned just $26.4 million of shares in the fourth-largest U.S. bank as of March 31, down from around $32 billion in January 2018.Berkshire began investing in San Francisco-based Wells Fargo in 1989, and spent at least $12.7 billion on its shares, building a 10% stake.The bank's reputation was shattered by revelations that employees facing aggressive sales goals opened millions of unwanted accounts, charged unnecessary mortgage fees and forced drivers to buy car insurance they did not need. The conduct grew out of Wells Fargo's longstanding strategy of selling more products per customer, or cross-selling. Buffett, who is Berkshire's chief executive, told CNBC in February 2020 that Wells Fargo had a "dumb" incentive system and was slow to make things right. "The big thing is they ignored it when they found out about it," he said. "You absolutely have to attack a problem as soon as it occurs, and you know about it. And if that had happened, Wells Fargo shareholders would be a lot better off."

Berkshire, based in Omaha, Nebraska, still owns shares of other banks, including Bank of America Corp, its largest common stock holding other than Apple Inc.Wells Fargo paid $3 billion in February 2020 to settle criminal and civil probes.

Last November, the U.S. Securities and Exchange Commission charged two former top Wells Fargo executives with misleading investors about its financial results. Wells Fargo remains under a February 2018 Federal Reserve directive barring asset growth until it makes sufficient improvements.

Shares of Wells Fargo closed Monday up 94 cents at $47.90. Although the price has more than doubled since October, it is 28% below its January 2018 peak.

(Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)

By Jonathan Stempel


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.08% 133.7799 Delayed Quote.-0.29%
BANK OF AMERICA CORPORATION 0.48% 40.18 Delayed Quote.31.87%
BERKSHIRE HATHAWAY INC. -0.73% 416014.5 Delayed Quote.20.12%
WELLS FARGO & COMPANY 0.51% 43.78 Delayed Quote.44.27%
All news about APPLE INC.
10:32aWARREN BUFFETT : Warren Buffett resigns from Gates Foundation, has donated half ..
RE
10:16aGLOBAL MARKETS LIVE : Microsoft, Morgan Stanley, Heineken, Twitter, AstraZeneca...
10:11aAPPLEá : In a year apart, Apple technology helped educators and learners stay co..
PU
09:59aAMAZON COMá : Reports Biggest Ever Two-Day Prime Event For Small Business Produc..
MT
09:08aToday on Wall Street: We shall not be ruled by inflation fears
07:26aU.S. House panel to take up Big Tech antitrust bills amid vociferous criticis..
RE
06:25aEUROPEAN MIDDAY BRIEFINGá : Stocks Slip as PMI Shows Business Activity Surging
DJ
06:08aNORTH AMERICAN MORNING BRIEFINGá : Stock Futures Edge Up After Nasdaq Hits Recor..
DJ
05:04aU.S. senator presses Amazon, Google on Matter smart-home effort
RE
06/22Taiwan Buddhist group enters fray for BioNTech COVID vaccines
RE
More news
Financials (USD)
Sales 2021 354 B - -
Net income 2021 86 501 M - -
Net cash 2021 36 915 M - -
P/E ratio 2021 26,0x
Yield 2021 0,64%
Capitalization 2 236 B 2 236 B -
EV / Sales 2021 6,21x
EV / Sales 2022 5,92x
Nbr of Employees 147 000
Free-Float 99,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 45
Last Close Price 133,98 $
Average target price 155,99 $
Spread / Average Target 16,4%
EPS Revisions
Managers and Directors
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
Sector and Competitors
1st jan.Capitalization (M$)
APPLE INC.-0.29%2 235 809
XIAOMI CORPORATION-18.52%87 309
SHENZHEN TRANSSION HOLDINGS CO., LTD.20.94%22 713
WINGTECH TECHNOLOGY CO.,LTD-3.23%18 404
FIH MOBILE LIMITED29.47%1 276
DORO AB (PUBL)13.28%149