Following Berkshire Hathaway’s annual shareholder meeting over the weekend, Warren Buffett shared details of a major Apple stock purchase his conglomerate recently made. And given the right price, Buffett said he would continue to buy as many AAPLs as possible.
Earlier this year, AAPL stock fell from $180 to $150 by mid-March. Speaking to CNBC’s Becky Quick, Buffett revealed that Berkshire Hathaway bought $600 million worth of Apple stock after seeing it fall for three consecutive days.
Notably, he said he would have continued to buy in the first quarter if the price had remained low. However, by the end of March, it had increased again to nearly $180.
“Unfortunately, stocks went up again, so I stopped. Otherwise, who knows how much we would have bought?” the 91-year-old Quick investor said Sunday after Berkshire’s annual shareholder meeting.
AAPL performance in 2022
In a letter to Berkshire’s annual shareholder meeting, Buffett praised Apple CEO Tim Cook for the way he treats customers as well as the impact of his management skills:
Tim Cook, the brilliant CEO of Apple, quite rightly considers Apple product users to be his first love, but all his other constituencies also benefit from Tim’s managerial approach.
Buffett also backed Apple’s share buyback program, which just got a $90 billion boost on the company’s latest earnings report.
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Interestingly, after Buffett’s $600 million purchase of AAPL in the first quarter, Apple’s shares fell again to nearly March lows. If $150 is in Berkshire’s buying range, the conglomerate could buy more shares now.
This contrasts with Buffett’s announcement last year that Berkshire had sold nearly 10 million shares of AAPL, while admitting it was “probably a mistake.”
Berkshire Hathaway is the largest owner of Apple stock outside of ETFs and other funds. For Berkshire, Apple accounts for 47.5% of assets worth just under $160 billion.
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