Warren Buffet's Berkshire Hathaway trims Apple stake by 13% in Q1, remains biggest holding worth $135 billion
Also Read: Warren Buffet's Berkshire Hathaway Q1 operating profit rises 39% to $11.22 billion, net income drops 64% YoY Some investors, however, have expressed concern that Apple consumed too much of Berkshire's investment portfolio. Apple CEO Tim Cook, who is at the Berkshire meeting, has said that he still considers it a privilege to have Berkshire as a major shareholder. Hathaway significantly reduced its stake in Apple as the company let its cash hoard swell to a record $189 billion.
Buffett’s sprawling conglomerate, which owns the BNSF railroad and Geico insurer, first invested in the iPhone maker in 2016 at the direction of one of his two investment deputies-- Todd Combs and Ted Weschler. The billionaire investor later supercharged the investment as he warmed to the technology company, and he spent tens of billions of dollars buying its stock. The sales leave Warren Buffett with more than six times the minimum $30 billion cash cushion he has pledged to keep.
Berkshire realized $11.2 billion of after-tax gains in the quarter from selling investments. Berkshire Hathaway Inc announced its first quarter results on Saturday, reporting a record quarterly profit, boosted by a significant increase in income from insurance underwriting. The first-quarter operating profit rose 39 per cent to $11.22 billion, or about $7,807 per Class A share, from $8.07 billion a year earlier.
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