Famous Wall Street investor Warren Buffett, also known as the Oracle of Omaha, has sold more than $800 million worth of Apple stock last quarter, SEC filings published Friday have it, but that represents less than one percent of his Apple holdings.
His investment firm Berkshire Hathaway is Apple’s biggest shareholder with a 5.4 percent stake (worth $72 billion today), accounting for approximately 30 percent of the company’s portfolio.
Buffet always says he prefers long-term investing so he probably sold some Apple shares to diversify Berkshire’s holdings and benefit from $AAPL’s surge by a third last quarter (from roughly $219 to $294), according to BusinessInsider.
“Buffett’s lieutenants may have sold the shares to free up cash to invest in Kroger and Biogen,” author Theron Mohamed speculated. “Depending on when they sold the 3.7 million Apple shares, Berkshire netted between $806 million and nearly $1.1 billion,” the publication wrote.
Less than a year ago, Apple shares were at $175. Since then, $AAPL jumped to $325, an 85 percent increase, bringing Apple’s market capitalization to more than $1.4 trillion.
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