Warren Buffett in tech giant Apple (AAPL-US) continued to buy his top holding when it sold off in Q1.
Berkshire Hathaway Holdings Inc (BRK.A-US) (BRK.B-US) Chairman and CEO Warren Buffett said on Sunday (1st) that he bought $600 million worth of Apple shares last quarter when Apple’s stock fell for three straight days. Apple stock in dollars. Apple is Berkshire’s largest holding, worth $159.1 billion at the end of March, or regarding 40 percent of its stock portfolio.
Buffett, 91, said, “Unfortunately, the stock price recovered, so I stopped buying. Otherwise who knows how much we would have bought?”
With Apple shares under pressure on concerns regarding rising interest rates and supply chain constraints, Buffett has plenty of buying opportunities this year. The stock fell 1.7% in the first quarter, including a three-day losing streak. Apple had an eight-day losing streak in January, and its stock price has fallen nearly 10% in the second quarter so far.
Berkshire began buying Apple shares in 2016 under the influence of Buffett’s investment lieutenants Todd Combs and Ted Weschler; largest shareholder.
Buffett has previously declared Apple one of the four “giants” in his conglomerate and the second-largest focus following insurance, all thanks to Apple’s CEO.
In his 2021 annual shareholder letter, Buffett said: “Apple’s illustrious CEO Tim Cook has rightly considered users of Apple products his first love, but all other supporters have also benefited from Cook’s management style.”
Buffett, known as the “Oracle of Omaha,” said he liked Cook’s share repurchase strategy and how it allowed the group to increase its interest in the iPhone maker for every $1 without investors moving a finger. Ownership of proceeds.
Apple said last week that it had authorized $90 billion in share buybacks, maintaining its status as the public company that spends the most on its own stock. It spent $88.3 billion on buybacks in 2021.
Berkshire has regularly received dividends from Apple over the years, averaging regarding $775 million a year.
