Berkshire Hathaway Inc. finished its exit from Verizon Communications Inc. while strengthening its position in two financial companies during the second quarter.

Berkshire dumped about 99.1% of its stake in Verizon during the first quarter of this year and dropped its remaining $70.3 million stake during the second quarter.

The Warren Buffett-led conglomerate's investment portfolio shrank to $300.13 billion as of June 30, from $363.55 billion at March 31, according to the company's latest Form 13F.

Berkshire also exited Royalty Pharma PLC in the second quarter, selling 1,496,372 shares in the period.

Bigger bets

After taking initial stakes in the first quarter, Buffett added to his positions in Markel Corp. and Ally Financial Inc. in the second quarter.

Berkshire picked up 21,030,580 shares of Ally in the period, representing an increased stake of approximately 234.5%. The conglomerate's total position in Ally is valued at about $1 billion as of the end of the second quarter.

Berkshire also bought 47,318 shares of Markel in the quarter, bringing the value of its total holdings in the property and casualty insurer to approximately $604.7 million.

The company repeatedly upped its position in Occidental Petroleum Corp. over the course of the second quarter, buying a total of 22,176,729 shares. Occidental now represents Berkshire's seventh-largest position as of the end of the period.

Berkshire also continued to grow its holdings in Paramount Global by adding about 9,473,885 shares in the second quarter, representing a 13.7% sequential increase.

The conglomerate again grew its position in Activision Blizzard Inc., acquiring another 4,085,928 shares, reflecting sequential growth of 6.4%. Berkshire's total stake in the company stands at about $5.3 billion as of the end of the second quarter.