Apple shares closed lower in the US Tuesday as news emerged that Warren Buffet’s investment business, Berkshire Hathaway, increased its exposure to the tech stock in the first quarter of 2018.
The details of the share holdings increase were revealed in a recent SEC filing and shows that Buffet remains a clear supporter of the global giant.
Apple shares ended the US Tuesday trading session 0.91% in the red at $186.44. The stock is also a little lower after-hours trading.
Buffet buys more Apple shares
The SEC filings shows that Berkshire Hathaway purchased $14.8 billion of different stock in the first three months of 2018, with much of that investment going on Apple.
Buffet’s business is now the second largest investor in Apple, holding 239.6 million shares, worth over $40 billion. That equates to around 5% of the tech giant and means only Vanguard Group owns more of the Apple stock than Berkshire Hathaway, according to Reuters data.
The confirmation of the further investment in Tim Cook’s tech company follows recent comments from Buffet praising the business.
“I clearly like Apple. We buy them to hold,” Buffett said earlier this month on CNBC. “We bought about 5% of the company. I'd love to own 100% of it. ... We like very much the economics of their activities. We like very much the management and the way they think.”
Berkshire doubles Teva Pharma holdings
Another detail shown in the Q1 Berkshire filing is the investment firm’s decision to more than double its holdings in drug maker Teva Pharmaceuticals.
Berkshire Hathaway now owns around 40.5 million Teva American depositary receipts, which are worth around $693 million. That’s up from 18.9 million ADRs at the end of 2017.
Other details from the filing show Berkshire Hathaway increased its stake in:
- Bank of New York Mellon.
- US Bancorp.