In this article, we will take a look at Warren Buffett’s 10 Longest-Held Stocks.
Warren Buffett has cemented his legacy as Wall Street’s most successful investor. During the high-flying stock market of the 1960s, he leveraged his investment partnership to acquire Berkshire Hathaway, a struggling New England textile company at the time. Today, the firm is a vastly different entity, boasting a diverse range of businesses from Geico insurance to BNSF Railway, an equity portfolio exceeding $266 billion, and an enormous cash reserve of $325.2 billion. Decades of strong returns have built Buffett’s unmatched track record. Since he took over in 1965, the company’s shares have delivered an annualized gain of 19.8%.
Buffett has famously stated that his ideal holding period for a stock is “forever”. True to his word, the Oracle of Omaha has held onto some of his favorite stocks for the long haul, allowing them to deliver steady share performance and generate passive income for his portfolio over time. Moreover, market analysts and investors alike have consistently praised Buffett’s disciplined, long-term approach to investing, more so now that his firm has become the latest non-tech firm to surpass a $1 trillion market cap, highlighting Buffett’s stock-picking abilities.
However, despite strong market performance through much of 2024, Buffett seems to have adopted a more defensive stance. Concerned about inflated valuations amid high interest rates and worsening economic conditions, he has offloaded significant holdings in companies whose valuations have surged too high. Billionaire investor David Einhorn of Greenlight Capital echoed this in his hedge fund’s quarterly letter, noting Buffett’s cautious approach:
“One could argue that sitting out bear markets has been the underappreciated reason for his outstanding long-term returns. It is therefore noteworthy to observe that Mr. Buffett is again selling large swaths of his stock portfolio and building enormous cash reserves.”
Over the past two years, Buffett has been an active net seller of stocks. His firm offloaded a total of $36.1 billion in stocks during the third quarter, marking the eighth consecutive quarter in which Berkshire was a net seller of equities. At the company’s annual shareholder meeting in May, Buffett mentioned the possibility of a future rise in the corporate tax rate.
Moreover, in his 2023 letter, Buffett also addresses common questions about Berkshire, including whether the company can continue to achieve the same level of outperformance as in the past:
“There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others. Some we can value; some we can’t. And, if we can, they have to be attractively priced. Outside the U.S., there are essentially no candidates that are meaningful options for capital deployment at Berkshire. All in all, we have no possibility of eye-popping performance. Nevertheless, managing Berkshire is mostly fun and always interesting. On the positive side, after 59 years of assemblage, the company now owns either a portion or 100% of various businesses that, on a weighted basis, have somewhat better prospects than exist at most large American companies.”
Our Methodology
To create our list of Warren Buffett’s longest-held stocks, we analyzed his Q3 2024 investment portfolio and selected stocks that he has consistently held for the longest duration. These figures were sourced from the Insider Monkey Database.
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10. Charter Communications, Inc. (NASDAQ:CHTR)
Warren Buffett’s First Major Purchase: 2016
Berkshire Hathaway’s stake in Q3 2024: $914.5 million
Charter Communications, Inc. (NASDAQ:CHTR), a leading broadband and cable operator, provides services to both residential and commercial customers. While competition in the broadband market has slowed core subscriber growth, the company is finding success in rural areas due to a government initiative aimed at expanding broadband access and its push into mobile services.
Earlier this September, Citi upgraded its rating on Charter Communications, Inc. (NASDAQ:CHTR) from a Sell to Neutral. While recent improvements in Charter’s operating performance contributed to the upgrade, the key factor was its current valuation. Citi’s note highlighted that while broadband and video volumes are still facing “headwinds,” the company’s evolving product mix is expected to “moderately improve EBITDA generation over the coming years.” Additionally, Charter’s cost-cutting initiatives have already delivered strong results.
At the start of October, the company teamed up with Comcast to offer its cable TV customers free access to the Peacock streaming service, aiming to retain users in an increasingly streaming-focused market. Moreover, in late September, Charter Communications, Inc. (NASDAQ:CHTR) explored a potential merger with Liberty Broadband to acquire Alaskan telecom leader GCI.
Parnassus Value Equity Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its first quarter 2024 investor letter:
“During the quarter, we added new positions in Pfizer, NICE and Charter Communications, Inc. (NASDAQ:CHTR). NICE is a leading cloud contact center software company. Charter’s stock had fallen due to near-term concerns, which we believe will not have a major impact on the long-term value of the business. Charter Communications has had several issues that created short-term uncertainty. We assessed that these issues have limited impacts on the long-term value of the business and initiated a position to take advantage of the stock’s historically low valuation.”
9. Apple Inc. (NASDAQ:AAPL)
Warren Buffett’s First Major Purchase: 2016
Berkshire Hathaway’s stake in Q3 2024: $69.9 billion
Apple Inc. (NASDAQ:AAPL), a global leader in consumer electronics has been a key fixture in Warren Buffett’s portfolio for several years. However, recent filings from Berkshire Hathaway revealed that the firm sold approximately $14.34 billion worth of Apple shares in Q3 2024. Despite this, Apple Inc. (NASDAQ:AAPL) remains Buffett’s top holding, valued at almost $70 billion.
In Q3 of FY24, Apple Inc. (NASDAQ:AAPL) delivered one of its best performances in recent years, setting a June quarter revenue record of $85.8 billion, marking a 5% year-over-year increase. Product revenue grew 2% to $61.8 billion, fueled by the launch of the iPad Pro and iPad Air. Additionally, services revenue hit an all-time high of $24.2 billion, a 14% rise from the previous year.
On October 23, UBS reaffirmed its Neutral rating on Apple Inc. (NASDAQ:AAPL), keeping the price target at $236. The analyst projected that Apple’s September revenue and earnings per share would likely align with their estimates of $94 billion and $1.58, respectively. The iPad segment, though not the primary focus for investors, could deliver a positive surprise.
Despite the excitement around artificial intelligence (AI) following Apple’s Worldwide Developers Conference (WWDC), iPhone sales for the September quarter remained steady, with about 46 million units sold year over year. Factoring in an additional 5 million units for iPhone channel fill, the total forecast for iPhone sales reaches 51 million units, with revenue from iPhones estimated at $45.7 billion.
Vltava Fund stated the following regarding Apple Inc. (NASDAQ:AAPL) in its Q3 2024 investor letter:
“You probably have not missed the news that Warren Buffett has already sold half the stock from his largest public markets investment, Apple Inc. (NASDAQ:AAPL). It was a phenomenal investment for Berkshire. Over the course of seven years or so, it brought a profit of well over USD 100 billion. Apple comprised a very large position within Berkshire’s public portfolio, and this was the reason we avoided Apple stock outright during that time. We considered our exposure to Apple through our holdings of Berkshire stock to be sufficient, and we ended up making a lot of money on it. There has been a great deal of speculation in the market about what Buffett’s sale of Apple signals regarding his view of the stock market. I think the reason for the sale is much simpler. Buffett probably considers Apple stock so expensive that he prefers to cash in at 20% less (after all, Berkshire must pay tax on its profits). He started selling in the first quarter of the year. When I was in Omaha for the general meeting in May, Buffett said he was still selling, and I expect he continued to do so in the third quarter. I have to say that, as a Berkshire shareholder, I am happy about the Apple sale. I think Berkshire’s management will find a better use for this money, as they always have in the past. It is quite likely that they already have a very specific idea about this. If that takes two or three years, it does not matter at all. This is not a race and, in the meantime, the risk of holding Berkshire Hathaway stock itself has been greatly reduced.”
8. The Kraft Heinz Company (NASDAQ:KHC)
Warren Buffett’s First Major Purchase: 2015
Berkshire Hathaway’s stake in Q3 2024: $11.43 billion
The Kraft Heinz Company (NASDAQ:KHC), a global food and beverage leader formed by the 2015 merger of Kraft Foods and Heinz, produces a wide range of products including condiments, dairy, meat, beverages, and other grocery items.
On October 25, Stifel analysts downgraded The Kraft Heinz Company (NASDAQ:KHC) from Buy to Hold, pointing to sluggish volume recovery and increased reinvestment needs. Stifel also voiced caution about the overall food sector, keeping a Neutral weighting despite food stocks trading at a significant 30% discount to the S&P 500, putting the sector in the 6th relative percentile.
Additionally, in its Q3 2024 earnings report, The Kraft Heinz Company (NASDAQ:KHC) revealed a larger-than-expected quarterly revenue decline, with net sales down 2.8% to $6.38 billion. The company also revised its 2024 earnings per share outlook to the lower end of its prior $3.01–$3.07 range. A Deutsche Bank report indicates that The Kraft Heinz Company (NASDAQ:KHC) may need to make deeper capability improvements to achieve its long-term financial goals, underscoring the challenges and operational complexities the company faces on its growth path.
The Kraft Heinz Company (NASDAQ:KHC) has also strategically sold off its underperforming brands to raise capital, acquired brands with stronger growth potential, and strengthened its traditional brands through product innovation and marketing efforts. This approach also helped the company navigate inflationary pressures in 2022 and 2023 by gradually increasing its prices.
7. VeriSign, Inc. (NASDAQ:VRSN)
Warren Buffett’s First Major Purchase: 2012
Berkshire Hathaway’s stake in Q3 2024: $2.43 billion
VeriSign, Inc. (NASDAQ:VRSN), based in Reston, Virginia, is a global provider of network infrastructure and domain name registry services, acting as the exclusive registry for the .com and .net domains. It also serves as one of the tech-sector stocks in Warren Buffett’s diversified portfolio.
In its Q3 2024 earnings call, VeriSign, Inc. (NASDAQ:VRSN) reported a 3.8% year-over-year revenue increase to $391 million. Despite this growth, the company saw a dip in its total domain name base and forecasted lower renewal rates. On the other hand, earnings per share rose by 13.1% to $2.07, and the company announced plans to launch new marketing programs aimed at boosting growth in its domain name base.
VeriSign, Inc. (NASDAQ:VRSN) is also in discussions with the National Telecommunications and Information Administration (NTIA) about .com domain pricing and the overall ecosystem health, while preparing for the renewal of the .com registry and the introduction of the new Top-Level Domain (TLD) .web.
Baron Asset Fund stated the following regarding VeriSign, Inc. (NASDAQ:VRSN) in its first quarter 2024 investor letter:
VeriSign, Inc. (NASDAQ:VRSN), a global provider of internet infrastructure and domain name registry services, manages the .com and .net domains. Shares of VeriSign declined because of continued weakness in new domain registrations, stemming largely from weaker demand in China. We believe that VeriSign maintains an exceptional competitive position and the contractual ability to raise prices. Longer term, we are encouraged by VeriSign’s opportunity to win the rights to administer the “.web” domain, produce substantial free cash flow, and generate attractive capital returns as it continues to prioritize share buybacks.
6. DaVita Inc. (NYSE:DVA)
Warren Buffett’s First Major Purchase: 2011
Berkshire Hathaway’s stake in Q3 2024: $5.91 billion
DaVita Inc. (NYSE:DVA) is a leading U.S. provider of kidney dialysis services, operating 2,675 outpatient centers domestically and 367 locations across 11 countries. DaVita Inc. (NYSE:DVA) has long been a favorite in Warren Buffett’s portfolio. Berkshire Hathaway has held a stake in the company since the last quarter of 2011, making it one of Buffett’s enduring picks in the healthcare sector.
The company has been actively expanding its global presence, particularly in Latin America, through strategic acquisitions. In March 2024, DaVita announced a $300 million deal involving four acquisitions from Fresenius Medical Care, enabling entry into the Chilean and Ecuadorian markets, while strengthening operations in Brazil and Colombia.
The kidney dialysis provider reported Q3 adjusted earnings per share of $2.59, missing the $2.72 consensus estimate, while revenue slightly beat expectations at $3.26 billion compared to $3.25 billion. In its U.S. dialysis segment, DaVita Inc. (NYSE:DVA) generated $549 million in operating income on $2.91 billion in revenue and performed 7.35 million dialysis treatments, marking a slight 0.1% drop from the previous quarter. The company also repurchased 2.7 million shares at an average of $147.20 each, closing the quarter with $1.07 billion in cash and cash equivalents.
For the rest of 2024, DaVita Inc. (NYSE:DVA) reaffirmed its guidance for adjusted operating income of $1.91 billion to $2.01 billion and expects adjusted diluted earnings per share between $9.25 and $10.05.
Here’s what Ariel Global Fund mentioned about DaVita Inc. (NYSE:DVA) in its Q1 2024 investor letter:
“Leading provider of dialysis services, DaVita Inc. (NYSE:DVA) outperformed during the period following a top- and bottom-line earnings beat. DaVita is benefitting from cost saving initiatives, early signs of a normalization in patient growth trends on par with pre-pandemic levels, improved leverage and an aggressive share buyback program. The company also recently announced an expansion of its international operations in Latin America, presenting an attractive long-term growth opportunity. Furthermore, management provided a 2024 financial outlook which is well above consensus and anticipates favorable growth. In our view, we believe the market misunderstands the long-term clinical impact of glucagon-like-peptide-1 (GLP-1s) on dialysis and as such, DaVita currently trades at a significant discount relative to our estimate of its intrinsic value.”
5. Visa Inc. (NYSE:V)
Warren Buffett’s First Major Purchase: 2011
Berkshire Hathaway’s stake in Q3 2024: $2.28 billion
Visa Inc. (NYSE:V), a leading player in digital payments, operates in over 200 markets, connecting 4 billion account holders with more than 130 million merchants and 14,500 financial institutions. This positions Visa Inc. (NYSE:V) as a vital contributor to the global economy.
Deutsche Bank reiterated its Buy rating on Visa (NYSE:V) and increased its price target from $300 to $340 on October 31, following the company’s robust fourth-quarter 2024 results. The payments giant reported approximately $9.6 billion in revenue, reflecting 12% growth on a constant currency basis, and delivered adjusted earnings per share of $2.71—both exceeding pre-release estimates. The quarter showcased steady growth in domestic credit and debit transactions, alongside strong cross-border activity.
For fiscal year 2025, Visa Inc. (NYSE:V) projects net revenue growth in the high single digits to low double digits, consistent with its previously stated 10% growth target, and expects adjusted EPS growth at the upper end of the low double-digit range. While the company is restructuring, impacting 1,400 employees, the anticipated cost savings are earmarked for reinvestment in new talent and growth initiatives.
4. Mastercard Incorporated (NYSE:MA)
Warren Buffett’s First Major Purchase: 2011
Berkshire Hathaway’s stake in Q3 2024: $1.96 billion
Mastercard Incorporated (NYSE:MA), a global leader in payment technology, serves a diverse range of clients, including consumers, small and medium-sized businesses, government agencies, large enterprises, banks, and credit unions. Known for its strong track record of rewarding investors through dividends, Mastercard Incorporated (NYSE:MA) has remained a favorite of Warren Buffett for more than a decade.
The company has forged strategic partnerships with Amazon Payment Services and Safaricom, Kenya’s largest telecom provider, to boost digital payment acceptance in the Middle East, Africa, and Kenya. Additionally, Mastercard Incorporated (NYSE:MA) expanded its offerings by acquiring Recorded Future, a company specializing in threat intelligence.
Mastercard Incorporated (NYSE:MA)’s third-quarter earnings and revenue topped analyst expectations, driven by strong consumer spending and high demand for its value-added services, pushing shares up by 1.7% after the announcement. The payment technology leader reported adjusted earnings per share of $3.89, above the consensus of $3.74. Quarterly revenue reached $7.4 billion, beating the expected $7.26 billion and marking a 13% year-over-year increase, or 14% on a currency-neutral basis. The company’s performance was fueled by a 10% YoY growth in gross dollar volume to $2.5 trillion and a 17% increase in cross-border volume, both on a local currency basis.
Baird raised its price target on Mastercard Incorporated (NYSE:MA) to $575 from $545 on October 16, maintaining an Outperform rating. The updated outlook reflects optimism about the company’s performance, with third-quarter revenue and earnings per share expected to slightly exceed Wall Street expectations.
Here’s what L1 Capital International Fund mentioned about Mastercard Incorporated (NYSE:MA) in its Q2 2024 investor letter:
“The share prices of Mastercard Incorporated (NYSE:MA) and Visa, both long term Fund investments, have both drifted down over recent months. There have been no dramatic developments, but there has been a general slight softening in the rate of growth of consumer spending in the U.S. and globally, a court decision rejecting Mastercard and Visa’s proposed settlement of a long-lasting dispute with U.S. merchants as well as other modest adverse regulatory developments. We continue to view Mastercard and Visa as two of the highest quality businesses in the world, and both are well placed to continue to deliver attractive, risk adjusted returns to shareholders over time.”
3. Moody’s Corporation (NYSE:MCO)
Warren Buffett’s First Major Purchase: 2000
Berkshire Hathaway’s stake in Q3 2024: $11.7 billion
Moody’s Corporation (NYSE:MCO), an integrated risk assessment firm, provides a range of products and services to aid in risk management, including credit research, credit models, analytics, and economic data. Moody’s Corporation (NYSE:MCO) is one of Warren Buffett’s oldest and longest-held investments, largely because of its dominant position in the credit ratings industry.
The company delivered strong third-quarter results for 2024, with revenue surging 23% to $1.8 billion and adjusted diluted earnings per share increasing by 32%. Moody’s ratings division, especially investment-grade issuance, was a key driver, as transactional revenue spiked 70%, significantly outpacing global issuance growth. Additionally, Moody’s Analytics saw a 7% revenue boost, with recurring revenue growing by 9%.
On October 16, BMO Capital Markets raised its price target for Moody’s Corporation (NYSE:MCO) to $464 from $455 while maintaining a Market Perform rating. This adjustment follows a review of Moody’s Investors Service (MIS) division, which exceeded expectations in Q3. Although a decline in MIS is expected in Q4, the third-quarter performance was stronger than anticipated, and the overall decline may not be as sharp as previously projected. The revision also reflects the positive momentum seen in S&P Global Inc.’s issuance results, which support an optimistic outlook for Moody’s Corporation (NYSE:MCO).
2. American Express Company (NYSE:AXP)
Warren Buffett’s First Major Purchase: 1991
Berkshire Hathaway’s stake in Q3 2024: $41.1 billion
American Express Company (NYSE:AXP) provides a comprehensive digital payments platform, offering secure and convenient transaction solutions through its range of credit cards, charge cards, and financing products. Its business has thrived amid a strong U.S. economy, making it the second-largest holding in Berkshire Hathaway’s portfolio at the close of Q3 2024.
In the third quarter of 2024, American Express Company (NYSE:AXP) reported impressive financial results, with earnings per share of $3.49 and revenues reaching $16.6 billion, an 8% year-over-year increase. The company also raised its full-year EPS guidance to between $13.75 and $14.05, up from the previous range of $13.30 to $13.80, and expects revenue growth of around 9%. While net interest income surged 20% in Q2, it is expected to moderate as the year progresses.
On October 14, Monness, Crespi, Hardt & Co. maintained its Buy rating on American Express Company (NYSE:AXP) shares and raised the price target to $300, up from $265, citing the company’s strong customer base and its ability to navigate a challenging spending environment effectively.
Artisan Select Equity Fund stated the following regarding American Express Company (NYSE:AXP) in its first quarter 2024 investor letter:
“American Express Company (NYSE:AXP) shares rose 22% this quarter. This is an interesting case study given our earlier discussion about inflation. American Express operates one of the largest credit card networks in the world. Its revenue is largely a function of a fee rate applied to the dollar value of goods and services that are transacted through its network. That dollar value is, of course, nominal. As inflation pushes up the value of those goods and services as it has for the past few years, American Express will capture that value through its fee structure. The past few years inflation has clearly been a benefit. Aside from its inherent inflation protection, the business is a very strong one. Payments continue to shift toward electronic forms, benefiting American Express. It also has a strong brand that attracts loyal and highly profitable customers that are the envy of the industry. Recent results have been strong with revenues moving nicely ahead of GDP.”
1. The Coca-Cola Company (NYSE:KO)
Warren Buffett’s First Major Purchase: 1988
Berkshire Hathaway’s stake in Q3 2024: $28.74 billion
Founded in 1892, The Coca-Cola Company (NYSE:KO) is a global leader in the beverage industry, best known for its iconic Coca-Cola drink. Beyond its flagship product, the company is heavily involved in the production, distribution, and marketing of a wide variety of non-alcoholic beverages, including concentrates, syrups, and, more recently, alcoholic drinks. Warren Buffett, a longtime advocate of Coca-Cola, once joked, “I’m one-quarter Coca-Cola.” underscoring his love for the brand. Moreover, the brand is also tied to his massive investment in the company. As of Q3 2024, Berkshire Hathaway holds 400 million Coca-Cola shares, valued at more than $28.74 billion, making up approximately 10.79% of the fund’s portfolio.
In its Q3 2024 earnings, The Coca-Cola Company (NYSE:KO) reported mixed results. While volume declined by 1%, and the quarter started slow in July, the company still achieved 9% organic revenue growth and a 5% increase in comparable earnings per share, reaching $0.77. Additionally, The Coca-Cola Company (NYSE:KO) made a $6 billion tax deposit to the IRS, related to an ongoing dispute. The company revised its 2024 outlook, forecasting around 10% organic revenue growth and 14% to 15% EPS growth, despite facing currency headwinds.
Additionally, The Coca-Cola Company (NYSE:KO) has consistently increased its dividends for over 60 years, earning its place among the elite Dividend Kings group. As of November 22, the company offers a dividend yield of 3.04%.
On October 23, Morgan Stanley lowered its price target for The Coca-Cola Company (NYSE:KO) to $76 from $78 but maintained its Overweight rating. The firm noted Coca-Cola’s strong third-quarter performance and expects the company’s organic sales growth to outpace competitors as the broader industry’s pricing power diminishes.
While we acknowledge the potential of KO, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than KO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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