“Warren Buffett’s Berkshire Hathaway Inc boosted its investments in Goldman Sachs Group Inc and Israel’s Teva Pharmaceutical Industries Ltd during the second quarter and confirmed it has expanded its already huge bet on iPhone maker Apple Inc,” Jonathan Stempel reports for Reuters. “The changes were disclosed on Tuesday in a regulatory filing detailing Berkshire’s U.S.-listed stock holdings as of June 30.”
“Its Apple stake swelled to about 252 million shares worth close to $47 billion, up 5 percent from 239.6 million shares three months earlier,” Stempel reports. “Berkshire owns roughly 5 percent of Apple, whose market value surpassed $1 trillion last week.”
“Buffett, who turns 88 on Aug. 30, often buys stock when he cannot find whole businesses to add to Berkshire’s stable of more than 90 companies in the insurance, energy, food and retail, industrial, railroad and other sectors,” Stempel reports. “The billionaire has gone 2-1/2 years since completing a major acquisition for Omaha, Nebraska-based Berkshire.”
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MacDailyNews Take: Berkshire’s position is valued at over $52.8 billion when using Tuesday’s market close of $209.75. According to data compiled by Bloomberg, Berkshire Hathaway’s average cost-basis has been $141.18 per share for paper gains of more than $17.2 billion. Berkshire has only been invested in Apple since the first quarter of 2016 and very likely wishes they’d gotten in much sooner!