To invest in great businesses, you have to find them first. That’s where Warren Buffett comes in…
Berkshire Hathaway (BRK.B) has an equity investment portfolio worth more than $300 billion.
Berkshire Hathaway’s portfolio is filled with quality stocks. You can ‘cheat’ from Warren Buffett stocks to find picks for your portfolio. That’s because Buffett (and other institutional investors) are required to periodically show their holdings in a 13F Filing.
You can see all of Warren Buffett’s stock holdings (along with relevant financial metrics like dividend yields and price-to-earnings ratios) by clicking on the link below:
This article analyzes Warren Buffett’s top 20 stocks based on information disclosed in the Q3 2023 13F filing.
Table of Contents
You can skip to a specific section with the table of contents below. Stocks are listed by percentage of the total portfolio, from highest to lowest.
How To Use Warren Buffett Stocks To Find Investment Ideas
Having a database of Warren Buffett stocks is more powerful when you have the ability to filter it based on important investing metrics.
That’s why this article’s Excel download is so useful…
It allows you to search Warren Buffett stocks to find dividend investment ideas that match your specific portfolio.
For those of you unfamiliar with Excel, this section will show you how to filter Warren Buffett stocks for two important investing metrics – price-to-earnings ratio and dividend yield.
Step 1: Click on the filter icon in the column for dividend yield or price-to-earnings ratio.
Step 2: Filter each metric to find high-quality stocks. Two examples are provided below.
Example 1: To find stocks with dividend yields above 1% and list them in descending order, click the ‘Dividend Yield’ filter and do the following:
Example 2: To find stocks with price-to-earnings ratios below 25 and list them in descending order, click the ‘Price-to-Earnings Ratio’ filter and do the following:
Warren Buffett & Dividend Stocks
Buffett has grown his wealth by investing in and acquiring businesses with strong competitive advantages trading at fair or better prices.
Most investors know Warren Buffett looks for quality, but few know the degree to which he invests in dividend stocks:
Over half of Warren Buffett’s top 10 stocks pay dividends
His top 5 holdings have an average dividend yield of ~2% (and make up 79% of his portfolio)
Many of his dividend stocks have paid rising dividends over decades
Warren Buffett prefers to invest in shareholder-friendly businesses with long track records of success.
Keep reading this article to see Warren Buffett’s 20 highest conviction stock selections analyzed. These are the 20 stocks with the highest value (most weight) in Berkshire Hathaway’s portfolio.
#1: Apple, Inc. (AAPL)
Dividend Yield: 0.5% Percent of Warren Buffett’s Portfolio: 51.00%
As of its 2023 third-quarter 13F filing, Berkshire held just over 915 million shares of Apple, worth more than $177 billion. Apple is Berkshire’s largest position by far, due in large part to Apple’s amazing rally over the past few years.
Thetechnologycompany designs, manufactures and sells products such asiPhones, iPads, Mac, Apple Watch and Apple TV.Apple alsohas a services business that sells music, apps, and subscriptions.
Apple is also a top holding of other influential investors, such as Kevin O’Leary.
On August 3rd, 2023, Apple reported Q3 fiscal year 2023 results for the period ending July 1st, 2023. (Apple’s fiscal year ends the last Saturday in September). For the quarter, Apple generated revenue of $81.8 billion, a -1.4% decline compared to Q3 2022.
Product sales were down -5.7%, driven by a -19.8% decline in iPad sales. The iPhone segment (48% of total sales) was down -2.4%. Service sales increased 8.2% to $21.2 billion and made up 25.9% of all sales in the quarter. Net income equaled $19.88 billion or $1.26 per share compared to $19.44 billion or $1.20 per share in Q2 2022.
Dividend Yield: 3.4% Percent of Warren Buffett’s Portfolio: 8.51%
Berkshire Hathaway owns just over 1 billion shares of Bank of America stock, worth $29 billion as of the latest 13F filing.
Bank of America, headquartered in Charlotte, NC,provides traditional banking services,as well as non–banking financial servicesto customers all over the world. Its operations include Consumer Banking, Wealth & Investment Management and Global Banking & Markets.
Bank of America was founded in 1904,and should produce about $89billion in revenue this year. Bank of America is one of thelargestfinancial stocks in the world.
Bank of America posted fourth quarter and full-year earnings on January 13th, 2023, and results were better than expected on both the top and bottom lines. The bank reported 85 cents in earnings-per-share for the fourth quarter, which beat expectations by eight cents. Revenue was up more than 11% year-over-year to $24.53 billion, which also beat estimates by $360 million.
Net interest income was up $3.3 billion, or 29%, to $14.7 billion. This was driven by higher interest rates and solid loan growth. Net yield on earning assets was 2.22%, up from 1.67% a year ago on higher prevailing market rates. Noninterest income was down $799 million to $9.9 billion. The 8% decline was driven by reductions in fees from investment banking and asset management, as well as lower service charges. These more than offset gains from higher trading and sales revenue.
Provisions for credit losses were $1.1 billion, an increase of $1.6 billion from the net release seen in the year-ago period. Net charge-offs were $689 million.
Dividend Yield: 1.5% Percent of Warren Buffett’s Portfolio: 7.59%
American Express is one of Berkshire’s longest-held stocks. American Express is a credit card company that operates the following business units: US Card Services, International Consumer and Network Services, Global Commercial Services,and Global Merchant Services. American Express was founded in 1850.
American Express reported its fourth quarter earnings results on January 27. The company generated revenues of $14.2 billion during the quarter, which was 17% more than during the previous year’s quarter. The revenue increase was based on a recovery for American Express’ business compared to the previous year’s quarter, where the pandemic still had a negative impact on card holder spending. Revenues were up sequentially, but they missed estimates by $50 million.
American Express was able to generate earnings-per-share to $2.07 during the fourth quarter on a GAAP basis, which was down 5% year over year. American Express’ earnings-per-share missed the analyst consensus, as analysts had forecast net profits of just $2.33 per share.
American Express forecasts that revenues will continue to grow in the current year, currently forecasting full-year revenue growth of around 16%. 2022 was slightly weaker than 2021 due to not benefiting from a reserve release.
According to management’s guidance, 2023 will be a new record year, with earnings-per-share being forecast at $11.00 to $11.40.
Dividend Yield: 3.0% Percent of Warren Buffett’s Portfolio: 6.9%
Coca-Cola is the world’s largest beverage company, as itowns or licenses more than 500 unique non–alcoholic brands. Since the company’s founding in 1886,it has spread to more than 200 countries worldwide.
The company also has anexceptional59-year dividend increase streak.
Coca-Cola reported third quarter earnings on October 25th, 2022, and results were better than expected on both the top and bottom lines. Earnings-per-share on an adjusted basis came to 69 cents, which was a nickel better than expected.
Revenue was up 11% year-over-year to $11.1 billion, which was also $600 million better than estimates. Further, the company guided for 14% to 15% in organic revenue growth this year.
Global unit case volume was up 4% in Q3. Organic sales were up 16%, which was almost double the expected 9.8% gain. The Europe, Middle East & Africa region saw a 20% organic sales gain, Latin America was up 18%, and North America was up 14%.
Dividend Yield: 3.8% Percent of Warren Buffett’s Portfolio: 5.56%
Chevron is the fourth-largest oil major in the world based on market cap. Chevron prices some natural gas volumes based on the oil price, meaning nearly 75% of its output is priced based on the oil price. As a result, Chevron is more leveraged to the oil price than the other oil majors.
In late April, Chevron reported (4/28/23) financial results for the first quarter of fiscal 2023. Its production dipped -1% sequentially due to the end of a concession in Asia, which more than offset high production growth in the Permian.
Refining margins remained near record levels thanks to the sanctions of western countries on Russia but oil and gas prices somewhat moderated. As a result, earnings-per-share declined -13%, from $4.09 to $3.55. Chevron has announced a massive share repurchase program of $75 billion, enough to reduce the share count by 25%.
Dividend Yield: 1.1% Percent of Warren Buffett’s Portfolio: 3.78%
Occidental Petroleum is an international oil and gas exploration and production company with operations in the U.S., the Middle East, and Latin America. It has a market capitalization of $60 billion. While the company also has a midstream and a chemical segment, it is much more sensitive to the price of oil than the integrated oil majors.
In early November, Occidental reported (11/8/22) financial results for the third quarter of fiscal 2022. Its average realized price of oil dipped 12% vs. blowout levels in the second quarter while the chemical segment saw its margins moderate. As a result, earnings-per-share decreased -23% sequentially, from $3.16 to $2.44. Due to its high debt load, Occidental is extremely sensitive to oil and gas prices and thus it is one of the greatest beneficiaries in its sector from the multi-year high prices of oil and gas, which have resulted from the sanctions of western countries on Russia.
Occidental has been reducing its debt pile at a fast pace thanks to its record free cash flows. This seems highly attractive to Warren Buffett. Berkshire Hathaway has acquired a 28% stake in Occidental and has requested approval to buy up to 50% of the company.
Dividend Yield: 4.7% Percent of Warren Buffett’s Portfolio: 3.32%
Kraft–Heinz is a processed food and beverages companywhich owns aproduct portfoliothatincludesfood products such ascondiments, sauces, cheese & dairy, frozen & chilled meals, and infant diet & nutrition. The company was created in 2015 in a merger between Kraft Food Group and H. J. Heinz Company, orchestrated by Berkshire Hathaway and 3G Capital.
The Kraft-Heinz Company reported its third quarter earnings results on October 26. The company reported that its revenues totaled $6.5 billion during the quarter, which was up 3% compared to the revenues that Kraft-Heinz generated during the previous year’s period. This was slightly better than what the analyst community had expected. Kraft-Heinz’ organic sales were up by 12%. Organic sales growth was possible thanks to price increases.
Kraft-Heinz generated earnings-per-share of $0.63 during the third quarter, which easily beat the consensus estimate. Earnings-per-share were down 3% versus the previous year’s quarter, being impacted by a difficult comparison and adverse currency rate movements. Kraft-Heinz’ management stated that they see organic net sales rising at a high-single digits pace in 2022, while management is forecasting EBITDA to come in between $5.9 billion and $6.0 billion during the current year.
Dividend Yield: 0.9% Percent of Warren Buffett’s Portfolio: 2.46%
Moody’s was created back in 1909, becoming the first company to analyze securities and rate their investment quality for investors on a large scale. Moody’s began with itsAnalyses of Railroad Investmentsin 1909 and has blossomed into the company we know today, with over $6billion in annual revenue.
Moody’s reported fourth quarter earnings on January 31st, 2023, with results coming in better than expected on both the top and bottom lines. Adjusted earnings-per-share came to $1.60, which was 13 cents better than expected. The result was down sharply from $2.33 in the year-ago period. Revenue was down 16.2% year-over-year to $1.29 billion, but was fractionally ahead of estimates. Revenue was down from $1.54 billion, and foreign exchange translation adversely impacted revenue by 3%.
Moody’s Investors Services revenue was $576 million, down 34% year-over-year. Analytics revenue was up 7% to $714 million. Adjusted operating margin was 37.0% of revenue, down from 38.2% of revenue, which reflects negative operating leverage from lower revenue.
The company said 2023 free cash flow would be $1.4 billion to $1.6 billion, and that it is looking to buy back $250 million of its shares this year. The company guided for adjusted earnings-per-share of $9.00 to $9.50 for this year.
Dividend Yield: 3.4% Percent of Warren Buffett’s Portfolio: 1.07%
At the end of the second quarter, Berkshire held just over 104 million shares of HPQ, for a market value of approximately $3.17 billion.
HP Inc. has centered its business activities around two main segments: its product portfolio of printers, and its range of so-called personal systems, which includes computers and mobile devices.
HP reported its second quarter (fiscal 2023) results on May 30. The company reported revenue of $12.9 billion for the quarter, which missed the analyst consensus estimate, and was down 22% from the previous year’s quarter.
Unlike during previous quarters, HP did not benefit from a demand recovery for tech equipment from consumers and corporations any longer, and an economic slowdown hurt consumer sentiment and thus spending. Non-GAAP earnings-per-share totaled $0.80 during the second quarter, which was above the analyst consensus estimate.
Dividend Yield: N/A (DaVita does not currently pay a quarterly dividend) Percent of Warren Buffett’s Portfolio: 1.04%
Berkshire’s investment portfolio contains just over 36 million shares of DaVita, Inc., equating to a total investment of $2.60 billion at the time of the last 13F filing. DaVita is slightly more than 1% of Berkshire’s overall investment portfolio.
DaVita provides kidney dialysis services for patients suffering from chronic kidney failure or end stage renal disease. The company operates kidney dialysis centers and provides related lab services in outpatient dialysis centers.
#11: VeriSign, Inc. (VRSN)
Dividend Yield: N/A Percent of Warren Buffett’s Portfolio: 0.83%
VeriSign is a globally diversified provider of domain name registry services and Internet security software. The company operates in a single segment, and has a significant international presence.
#12: Citigroup Inc. (C)
Dividend Yield: 5.1% Percent of Warren Buffett’s Portfolio: 0.73%
Citigroup is a global juggernaut in credit cards, commercial banking, trading, and a variety of other financial activities. It has thousands of branches and produces about $75 billion in annual revenue.
Citigroup posted second quarter results on July 14th, 2023, and results were mixed. Adjusted earnings-per-share fractionally missed estimates at $1.37. Adjusted earnings fell from $2.17 in the year-ago period. Revenue was off 1.2% year-over-year to $19.4 billion, but that narrowly beat expectations.
Weak revenue was driven by investment banking and equity market revenue, which was partially offset by good results in Treasury and Trade Solutions, and Securities Services.
Dividend Yield: 2.5% Percent of Warren Buffett’s Portfolio: 0.67%
Founded in 1883and headquartered in Cincinnati, Ohio,Kroger isone of the largest retailersin the U.S. The companyhasnearly2,800 retail storesundertwo dozen banners,along withfuel centers, pharmacies and jewelry stores in 35 states.The companyservesnearly 11 million customers a day.
On June 15th, 2023, Kroger reported first quarter 2023 results for the period ending May 20th, 2023. For the quarter, Kroger reported $45.2 billion in sales, up 1.3% compared to Q1 2022. Excluding fuel, sales increased 4.5% compared to the year ago period. Adjusted earnings-per-share equaled $1.51 compared to $1.45 in 1Q22..
Dividend Yield: 0.7% Percent of Warren Buffett’s Portfolio: 0.57%
Visa is the world’s leader in digital payments, with activity in more than 200 countries. The company’s global processing network providessecure and reliable payments around the world and is capable of handling more than 65,000 transactions a second.
On July 25th, 2023, Visa reported third quarter 2023 results for the period ending June 30th, 2023. For the quarter, Visa generated revenue of $8.1 billion, adjusted net income of $4.5 billion and adjusted earnings-per-share of $2.16, marking increases of 12%, 7% and 9%, respectively.
These results were driven by a 9% gain in Payments Volume, a 17% gain in Cross-Border Volume and a 10% gain in Processed Transactions. Visa processed 54.1 billion transactions in the quarter, a 10% year-over-year increase.
Dividend Yield: 0.6% Percent of Warren Buffett’s Portfolio: 0.45%
MasterCard is a world leader in electronic payments. The company partners with 25,000 financial institutions around the world to provide an electronic payment network. MasterCard has more than 3.1 billion credit and debit cards in use.
On July 27th, 2023, MasterCard announced second quarter results for the period ending June 30th, 2023. For the quarter, revenue grew 14% to $6.3 billion, which was $130 million above estimates. Adjusted earnings-per-share of $2.89 compared favorably to $2.56 in the prior year and was $0.06 better than expected.
On a local currency basis, gross dollar volumes for the quarter increased 12% worldwide to $2.267 trillion, with the U.S. growing 6% and the rest of the world improving by 16%.
Dividend Yield: 0.7% Percent of Warren Buffett’s Portfolio: 0.43%
Aon is a professional services firm headquartered in London, United Kingdom. The company provides a variety of services including consulting, risk management, and health plan management. Aon has approximately 500 offices worldwide that serve 120 countries through a workforce that numbers about 50,000. Aon should generate about $13.2 billion in revenue this year.
Aon posted second quarter earnings on July 28th, 2023, and results were somewhat weak. Adjusted earnings-per-share came to $2.76, which missed estimates by eight cents. Revenue was up 6.5% year-over-year to $3.2 billion, which beat estimates very slightly. The gain in revenue was due mostly to a 6% organic revenue increase.
Dividend Yield: 1.4% Percent of Warren Buffett’s Portfolio: 0.43%
ViacomCBS Inc., now called Paramount Global, is an American multinational media conglomerate based in New York City. The corporation was formed via the re-merger of CBS Corporation and Viacom on December 4, 2019, the two created from the split of the original Viacom in 2005.
The company’s content brands include CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, and CBS All Access. The company has six different revenue segments, where Advertising, Affiliate, and Content Licensing are the most significant revenue source.
Dividend Yield: N/A Percent of Warren Buffett’s Portfolio: 0.41%
The Liberty SiriusXM Group is a diversified entertainment and media company. Its major brands include Sirius XM and Pandora. As of December 31, 2021, it served approximately 34.0 million subscribers through Sirius XM and approximately 6.4 million subscribers through Pandora.
#19: Charter Communications (CHTR)
Dividend Yield: N/A Percent of Warren Buffett’s Portfolio: 0.5%
Charter Communications, Inc. operates as a broadband connectivity and cable operator company serving residential and commercial customers in the United States. The company offers subscription-based internet, video, and mobile and voice services; a suite of broadband connectivity services, including fixed internet, WiFi, and mobile.
#20: Amazon Inc. (AMZN)
Dividend Yield: N/A Percent of Warren Buffett’s Portfolio: 0.40%
Amazon is a massive tech company. It is an online retailer that operates a massive e-commerce platform where consumers can buy virtually anything with their computers or smartphones. Amazon is a mega-cap stock with a market cap above $1 trillion. It operates through the following segments:
Amazon Web Services
The North America and International segments include the global retail platform of consumer products through the company’s websites. The Amazon Web Services segment sells subscriptions for cloud computing and storage services to consumers, start-ups, enterprises, government agencies, and academic institutions.
Amazon’s e-commerce operations fueled its massive revenue growth over the past decade. Sales reached $514 billion in 2022, an amazing level of growth over the past decade.
You can see the following additional articles regarding Warren Buffett:
Warren Buffett stocks represent many of the strongest, most long-lived businesses around. You can see more high-quality dividend stocks in the following Sure Dividend databases:
Alternatively, another great place to look for high-quality business is inside the portfolios of other highly successful investors.
To that end, Sure Dividend has created the following stock databases:
You might also be looking to create a highly customized dividend income stream to pay for life’s expenses.
The following two lists provide useful information on high dividend stocks and stocks that pay monthly dividends:
You can see Buffett’s top dividend stocks analyzed in video format as well below.
Lastly, you can see the articles below for analysis on other major investment firms/asset managers:
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