Warren Buffett's Berkshire Hathaway Bought 75 Million Shares of Apple in Q1

Oscar PerryMay 05, 2018

With just a few hours left for Berkshire Hathaway AGM, where legendary investor Warren Buffett and Charlie Munger will address shareholders, investors the world over will watch the event closely as they have traditionally used the occasion to give their views on global market trend and share their wisdom from the world of investing.

USA stocks jumped more than 1 percent on Friday, helped by Apple and other technology shares and by data that showed weaker-than-expected U.S.jobs and wage growth, while US oil prices hit their highest in more than three years.

Buffett described Apple as an "unbelievable company" that "earns nearly twice as much as the second most profitable company" in the USA, and Buffett's faith in Apple helped push the stock price up to $183.65 per share.

Berkshire Hathaway now owns an estimated 240.3 million Apple shares, currently worth about $42.5 billion Dollars.

Yahoo Finance is the exclusive online host of the Berkshire Hathaway 2018 Annual Shareholders Meeting, coming Saturday, May 5th. Apple appears to have about 4.9 billion shares outstanding (this data, too, is inconsistent), which would properly give AAPL a market cap of roughly $901 billion.

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Apple's stock rose to as much as US$179.14, just short of its US$179.26 record close on January 18 and shaking off a sell-off of more than 10 percent earlier this month following a lackluster quarterly report.

Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks. His Apple investment has performed better, but Buffett has also said he missed out on investing in Google and Amazon.com Inc.

"The idea of spending loads of time trying to guess how many iPhone X's ... are going to be sold in a given three-month period, to me it totally misses the point", he said.

This is a pitch Apple CEO Tim Cook has been making in his own interviews in the previous year, and the message apparently resonated with the Oracle of Omaha.

According to a report from CNBC published Thursday night, the new shares add to the more than 165 million shares Berkshire held at the end of 2017.

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