NEW YORK ( TheStreet) -- Warren Buffett's faith in IBM (IBM - Get Report) and Intel (INTC - Get Report) has deepened during the last few months, with the Berkshire Hathaway (BRK.B - Get Report) CEO raising his stake in both tech bellwethers.
According to Berkshire Hathaway's 13F for the period ending Dec.31, 2011, Buffett increased his IBM position from 57,348,984 shares to 63,905,931 shares, underlining his recent conversion to select tech companies.
|Berkshire Hathaway CEO Warren Buffett.|
The Oracle of Omaha has typically avoided tech stocks, but revealed last year that he was won over by IBM's 2010 annual report. Buffett also lauded IBM's extensive reach into corporate IT departments, where it sells a vast array of wares.
Widely regarded as one of tech's more dependable stocks, IBM has successfully shifted its focus onto high-margin areas such as software and services, helping it sidestep the recent economic downturn. The company also offers a healthy dividend, which it hiked last year.In addition to IBM, Buffett also raised his stake in Intel from 9,333,000 shares to 11,495,000 shares, according to the filing. >>View Warren Buffett's Portfolio Like IBM, Intel was at the forefront of the recent tech sector revival, with the chipmaker enjoying its most profitable year in 2011. IBM shares dipped 24 cents, or 0.14%, to $191.95 in extended trading on Tuesday, while Intel shares were flat at $26.78. Buffett also initiated a position in Liberty Media (LMCA), according to the 13F, with a new stake of 1,701,400 shares. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com