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News Worms


Berkshire Hathaway (NYSE:BRK-B) Reviewed By Analysts

Berkshire Hathaway (NYSE:BRK-B) Reviewed By Analysts

Apple Inc. stock recently purchased by Berkshire Hathaway Inc., Warren Buffett's holding company, increased in value by $1.1 billion in six weeks, a required filing says.

Berkshire Hathaway, which Buffett leads, increased its holdings in Apple to roughly 57.4 million shares as of the end of 2016, a filing with the Securities and Exchange Commission showed. Berkshire also exited from Deere, shares of which actually exploded on the news of Trump winning the elections, which were some 30% rise from pre-election levels.

Cupertino-based Apple's stock has soared 17 percent this year in its climb to all-time records. He has said that investments of less than $1 billion are likely to be the work of Ted Weschler or Todd Combs, who each handle about $9 billion for Berkshire.

Berkshire's initial investment in Apple got attention a year ago, given Buffett's usual aversion to technology companies - apart from IBM - which he considers outside his zone of competence. At that time, Berkshire bought stakes in several railroads- Union Pacific, Burlington Northern Santa Fe, and Norfolk Southern -before the insurer ultimately bought out BNSF (after which Berkshire unloaded the shares of the two other firms).

The billionaire sold off $900 million of Walmart stock cutting his share by 89.26 percent, according to GuruFocas that tracks the buying and selling of stocks.

His comment comes after Berkshire almost quadrupled its stake in Apple last quarter.

Goldman Sachs raised its 12-month price target to $150 from $133 for Apple, accompanied with a "buy" rating. The company has seen revenue growth of around 10% annually over the last three years and has good cash flow. But year-over-year sales growth returned in the December quarter, up 5%, and the new iPhone 8 is expected to rejuvenate demand later this year.

Analysts believe the tech company's prospects will only brighten.

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