Warren Buffett and Berkshire Hathaway trimmed positions in Apple and Bank of America, with Apple being their top holding and Bank of America the third-largest. They bought a beaten-down health insurance stock. Berkshire continues to reduce its stake in Apple and Bank of America, selling 7% and 4% respectively this quarter.

Berkshire initiated a $1.57 billion position in UnitedHealth Group, the nation’s largest healthcare insurer. UnitedHealth’s stock has plummeted this year, down 46%. The company revised its full-year outlook due to higher medical insurance costs. The U.S. DOJ is investigating UnitedHealth over billing practices in its Medicare Advantage program.

Buffett and team are value investors who seek stocks below intrinsic value. Despite UnitedHealth’s struggles and projected earnings decline, the company predicts double-digit revenue growth in 2025. The balance sheet appears strong, with a dividend yield of 3.25% and a trailing free-cash-flow yield above 10%.

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Read more at Yahoo Finance: Warren Buffett Is Selling Apple and Bank of America Stock and Piling Into an Embattled Healthcare Stock Down 46% This Year