Apple is surging after Warren Buffett’s Berkshire Hathaway ups its stake

source
Markets Insider

Apple stock price

source
Markets Insider

Shares of Apple are up more than 2% Thursday after Warren Buffett’s Berkshire Hathaway disclosed it upped its stake by 23%.

Berkshire added 31.2 million shares in the fourth quarter, bringing its total stake in Apple to 165.3 million shares, or 3.34% of the company. The entire stake worth is worth $28.2 billion at Thursday’s prices.

It’s not clear when exactly the firm purchased the shares, as the regulatory filing made public Wednesday, known as a 13F, is only required of firms once a quarter.

Nebraska-based Berkshire, which Buffett has controlled since 1965, is known for its buy-and-hold strategy.

The bet on Apple could prove quite lucrative for Berkshire as Wall Street analysts polled by Bloomberg have an average price target of $191 a share, nearly 12% above its current level.

Apple is up 25% in the past year – 10 percentage points more than the benchmark S&P 500 index.

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