Warren Buffett sold AT&T (NYSE:T) out of Berkshire Hathaway's (NYSE:BRK.A) (NYSE:BRK.B) portfolio of high-yield dividend stocks during the first quarter of 2016. Warren Buffett acquired his stake in AT&T during the third quarter of 2015 as a result of AT&T's acquisition of DirecTV.
Buffett had owned DirecTV prior to the acquisition (his first purchase was in 2011), so his shares converted into AT&T stock once the deal closed because the acquisition was a stock and cash transaction.
Despite AT&T's high dividend yield near 5% and seemingly cheap price-to-earnings multiple (14.2), Warren Buffett apparently thought there were more attractive options to put his money to work.
