Warren Buffett's Berkshire Hathaway raises stake in Apple by 55%
Warren Buffett's Berkshire Hathaway Inc on Monday said it has increased its stake in Apple Inc by 55%, boosting its bet on the iPhone and iPod maker even as prominent investors like Carl Icahn and George Soros have reduced theirs.
Berkshire owned 15.23 million Apple shares worth roughly $1.46 billion as of June 30, up from 9.81 million shares as of March 31, according to a regulatory filing detailing Berkshire's US-listed stock holdings at the end of the second quarter.
It was unclear whether Buffett or one of his portfolio managers, Todd Combs and Ted Weschler, made the investment, though Buffett is typically responsible for larger investments.
Berkshire reduced the size of one such investment, Wal-Mart Stores Inc , by 27% in the quarter, lowering its stake to about 40.23 million shares from 55.24 million. Wal-Mart has been in Berkshire's portfolio for more than a decade.
Investors often view Berkshire's disclosures as a signal of where Buffett and his deputies see value, and shares often rise when investors perceive that Berkshire has given them its imprimatur.
In May, Berkshire, which is not known as a specialist in technology-related industries, unexpectedly revealed it had taken a more than $1 billion stake in Apple, causing that company's shares to rise 3.7%.
The second-quarter (Q2) boost came even as other prominent investors also including David Tepper and Leon Cooperman cut back or eliminated their own Apple stakes.