Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) bought more than 300,000 more shares of Apple (NASDAQ:AAPL) stock last quarter. Given Buffett’s sterling investing record, the huge amount of respect he gets from the Street and retail investors and his ability to move stocks, the news is an important development for the owners of AAPL stock.
Of course, the development is likely to boost AAPL in the near term and the medium term.
Berkshire’s AAPL Stock Position
Berkshire bought nearly 334,000 shares of the iPhone maker in the fourth quarter of 2022, increasing its position in AAPL to more than 895 million shares.
As of yesterday, the firm’s AAPL stock was valued at $137 billion. Over the last year, Apple’s shares have dropped more than 10%, but they have jumped more than 20% so far in 2023.
As of last quarter, the total value of Berkshire’s portfolio was nearly $300 billion.
In Q4, Berkshire cut its stake in Taiwan Semiconductor (NYSE:TSM) by about 85% and reduced its position in three financial names: U.S. Bancorp (NYSE:USB), Bank of New York Mellon (NYSE:BK) and Ally Financial (NYSE:ALLY).
Apple CEO Tim Cook said artificial intelligence (would become a big area of concentration for Apple and influence all of its offerings. He noted the company is incorporating AI into its iPhones and smartwatches. The tech giant is also reportedly developing a mixed-reality headset that it intends to introduce in June.)
In Apple’s fiscal 2022, the company spent $90.2 billion on buying back AAPL stock.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.