Buffett's firm adds 75 million more shares of Apple
- Author: Kelly Blake May 05, 2018,
May 05, 2018, 18:09
The company aggressively ramped up its bets on Apple.
Apple Inc. shares hit a record after Warren Buffett told CNBC he bought an additional 75 million shares of the iPhone maker in the first quarter. At that price, Apple has a market cap of some $901 billion.
Investors will look for "what could be the new sources of risk for market", said Raamdeo. When it comes to investment, Warren Buffet is a name that nobody can forget and it is true that if his company brought such massive shares in Apple, it is evidence enough that the company is doing really well.
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Apple's stock price closed at $183.83 today, just barely beating the company's previous high of $183.50.
This CNBC original documentary takes viewers inside the story of Warren Buffett's extraordinary success. In April, the company reported earnings that topped analyst expectations, but still sent the stock tumbling.
"I think Apple was much more of a consumer products business", Buffett had said last May in a Berkshire Hathaway's annual shareholders meeting.
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Apple reported $61.1 billion in revenue for the March quarter, up from $52.9 billion a year ago, and promised $100 billion in additional stock buyback.
Berkshire had $116 billion in cash at the end of past year, so has plenty of spare money to make big investments.
Shares of Apple rose almost 2 percent on Monday and were on the verge of hitting a record high after billionaire Warren Buffett talked up his company's stake in the iPhone maker. His investment in Apple in the first three months of 2018 totaled roughly $12.5 billion to more than $13 million.
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There may also be another reason for the investment: Berkshire's cash pile of $116 billion. The company held about 2 million shares of the technology firm at the end of 2017.