Berkshire Hathaway Chairman and CEO Warren Buffett bought even more of Apple, far and away his No.1 stock, on the dip during the Cupertino Colossus’ first quarter sell-off.
Berkshire Hathaway averages some $775 million annually from Apple dividends alone.
Berkshire Hathaway’s Chairman and CEO told CNBC’s Becky Quick that he scooped up $600 million worth of Apple shares following a three-day decline in the stock last quarter. Apple is the conglomerate’s single largest stock holding with a value of $159.1 billion at the end of March, taking up about 40% of its equity portfolio.
“Unfortunately the stock went back up, so I stopped. Otherwise who knows how much we would have bought?” the 91-year-old investor told Quick on Sunday after Berkshire’s annual shareholder meeting.
Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. Berkshire is now Apple’s largest shareholder, outside of index and exchange-traded fund providers.
The “Oracle of Omaha” said he is a fan of [CEO Tim] Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.
Apple said last week it authorized $90 billion in share buybacks, maintaining its pace as the public company that spends the most buying its own shares. It spent $88.3 billion on buybacks in 2021.
Cook was in attendance at Berkshire’s annual meeting last weekend.
MacDailyNews Take: Smart investor.
Own Apple stock, don’t trade it. If you accumulated during the recent irrational AAPL dip into earnings, you did a very good job! – MacDailyNews, January 31, 2022
Buy Apple on the discount and own it, don’t trade it. – MacDailyNews, February 25, 2022
When the goal is to own it, not trade it, any Apple stock dip is a golden buying opportunity. – MacDailyNews, March 11, 2021
When the opportunities to own Apple stock at a discount present themselves, take them. — MacDailyNews, March 15, 2022
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