Buffett meets with Apple CEO Tim Cook. Image Credit: Apple
0 Facebook x.com Reddit
Financial company Berkshire Hathway spent the year trimming its AAPL shares, which once made up half of Chairman Warren Buffett's entire portfolio.
In the third quarter of fiscal 2024, which ended Sept. 30, Buffett still held $69.9 billion worth of AAPL, or about 300 million shares. A year ago, his firm owned four times as much of the iPhone maker.
Berkshire Hathaway has not given a reason for the year-long sell-off, though other financial analysts have suggested Buffett may think the stock is overvalued. AAPL is up 20 percent for the year so far, comparable to the S&P 500's average gain through 2024.
Buffett and his managers have been selling Apple shares for the past four quarters. Buffett himself has suggested he believes higher capital gains taxes are coming.
The Rise and Fall of Buffett's AAPL Stock
AAPL stock is currently hovering between $220 and $230 per share, well above its 2024 low of $165. Buffett first started buying shares of the iPhone maker in 2016, having largely avoided investing in tech companies before that.
Apple shares have quickly become a mainstay of Berkshire Hathaway's fund over the years, at one point reaching a stake in the company worth more than $170 billion. In mid-2024, the firm surprised markets when it dumped half of its previous Apple holdings in a single quarter.
Buffett has often said that he “fell in love” with Apple because of its customers’ loyalty to the brand, as well as the huge success of the iPhone in particular. But the stock sale has helped Berkshire Hathaway amass a cash hoard of about $352 billion, the highest the firm has ever had.
Follow AppleInsider on Google News
