Warren Buffett more than doubles AAPL holdings this year

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Apple is worth more than the entire US energy sector combined
Buffett sure knows an opportunity when he sees one.
Photo: Ste Smith/Cult of Mac

Warren Buffett’s investment firm Berkshire Hathaway has more that doubled its Apple share holdings this year — with its $17 billion share of Apple now representing Berkshire’s second biggest holding in a company.

In 2017 alone, the firm has purchased 120 million Apple shares.

In an interview with CNBC, Buffett praised Tim Cook’s performance, saying that he’s done a “terrific job” running Apple.

Apple stock is currently going through an impressive ascendancy, with a series of record-breaking share prices following the company’s recent blockbuster quarter. Buffett isn’t simply jumping on the bandwagon, though. His legendary investment firm first started to pour money into Apple last year, back when Cupertino was suffering its longest streak of losses in more than a decade.

Buffett has traditionally stayed away from technology stocks, preferring to invest in industrial businesses and financial companies, although he made a big $10 billion investment in IBM back in 2011.

Back in January, BlackRock, aka the world’s largest asset manager, also upped its investment in Apple to a whopping 322 million shares, meaning that it now owns the equivalent of 6.1 percent of Apple’s outstanding shares — with a current monetary value of $38.4 billion.

At present, AAPL stock is trading at $136.96 a share.

Source: Reuters