Warren Buffett is Decreasing Stakes in These 3 Stocks

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 75 

Percentage Decrease in Stake in Q2 2022: 15%  

General Motors Company (NYSE:GM) makes and sells automobiles. Latest data shows that Berkshire Hathaway owned 52.8 million shares of General Motors Company (NYSE:GM) at the end of the second quarter of 2022 worth $1.6 billion, representing 0.55% of the portfolio. 

On July 27, Benchmark analyst Michael Ward maintained a Buy rating on General Motors Company (NYSE:GM) stock and lowered the price target to $60 from $75, noting that higher interest costs at GM Financial as one of the reasons behind the target decrease. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Harris Associates is a leading shareholder in General Motors Company (NYSE:GM), with 43 million shares worth more than $1.3 billion. At the end of the second quarter of 2022, 75 hedge funds in the database of Insider Monkey held stakes worth $3.4 billion in General Motors Company (NYSE:GM), compared to 76 the preceding quarter worth $5.5 billion.

Diamond Hill Capital, in its Q1 2022 investor letter, mentioned General Motors Company (NYSE:GM). Here is what the fund has to say about General Motors Company in its letter:

“General Motors Company (NYSE:GM)—and the auto industry in general—continues to face headwinds related to supply chain disruptions and raw material cost inflation. In addition, uncertainty surrounding global energy markets due to inflation and the conflict in Ukraine has created a greater economic burden on consumers, which tends to slow automotive sales.”