| NEW YORK
NEW YORK Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) is sitting on greater than $1.6 billion of beneficial properties in its funding in Apple Inc. (AAPL.O) after shares of the iPhone maker surged.
Berkshire revealed that its huge stake in Apple inventory, as of Dec. 31, had risen to 61.2 million shares for a complete of $6.75 billion, a median of about $110.17 apiece, based on the annual report Saturday from Berkshire.
As of Friday’s closing value of $136.66, Berkshire’s holding of Apple was valued at greater than $eight.three billion.
Berkshire turned one of many prime 10 Apple traders in 2016, taking a stake of greater than 9 million shares within the first quarter after which accelerating purchases within the final three months of the 12 months.
“I feel Buffett likes Apple due to the maintain or management that they’re gaining over the lives of above-average revenue People and folks world wide,” stated Invoice Smead of Smead Capital Administration. “Buffett is aware of that individuals have develop into hooked on Apple merchandise and he invests in these addictions.”
The Apple funding seems to replicate a lot of the $12 billion of inventory that Buffett stated he had purchased between the Nov. eight Presidential election and the top of January.
(Reporting By Jennifer Ablan; Modifying by David Gregorio)