The billionaire's holding conglomerate Berkshire Hathaway (BRK.A) - Get Report hiked its stake in Action Alerts Plus holding Apple by a whopping 23% to 165.3 million shares, according to a new 13F filing on Wednesday. Buffett has shown a voracious appetite to eat up Apple, likely as the company gets ready to spend enormously on dividends and buybacks amid tax reform.
In the third quarter, Buffett upped his stake in Apple by roughly 3% to about 134 million shares.
Berkshire acquired its first stake in Apple in May 2016. At the time, the conglomerate said that it purchased 9.8 million shares during the first quarter at an average price of about $109 a share.
Apple shares closed Wednesday up 1.8% to $167.37. Shares rose slightly in after-hours trading.
To be sure, Buffett has stuck it to the bears who have been crying about poor iPhone X reviews and a company that may not be innovating at the same pace. Hat tip to you, Oracle of Omaha.
TheStreet just talked about Apple's stock outperformance on Morning Jolt. Watch below.