Apple is slipping despite the news Warren Buffett added to his stake

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Lucas Jackson/Reuters

Apple‘s stock slipped after Warren Buffett’s Berkshire Hathaway reported it raised its stake in Apple by 3% in the third quarter, according to a regulatory filing released on Tuesday.

With the additional 3%, or 134 million outstanding shares, the conglomerate is now the fifth-largest owner of Apple’s outstanding shares, according to Bloomberg data. Apple’s stock is down 0.91% at $169.78 after the news.

The billionaire investor has famously shunned technology companies, but him signaling confidence in the tech giant’s investing philosophy is notable.

Berkshire Hathaway first invested in Apple in 2016 when it bought 10 million shares. As of September 30, the multinational conglomerate owned about 2.6%.

Apple shares are up 46.05% for the year.

To read more about how Apple can deliver double-digit earnings growth, click here.

Apple

source
Markets Insider