Business

Buffett's firm buys 75 million more Apple shares in 1Q

Posted May 04, 2018 7:00 am

The Associated Press

OMAHA, Neb. (AP) - Warren Buffett's company bought 75 million more Apple shares in the first quarter, giving it more than 240 million shares of the iPhone maker.

Buffett told CNBC about the latest Apple stock purchases Friday as tens of thousands of shareholders begin to arrive at Berkshire Hathaway's annual meeting this weekend.

Berkshire has continued buying Apple shares even with the price rising 25 percent over the past 12 months. Shares hit an all-time high Friday.

At the end of 2017, Buffett's company held 165.3 million Apple shares.

Buffett has said he looks at Apple like a consumer products company with a strong competitive position, rather than as a tech company.

Besides investments, Berkshire owns more than 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, and manufacturing.

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