Warren Buffett just bought a ton more shares of Apple

Warren Buffett just bought a ton more shares of Apple

Buffet holds about 5% of Apple's shares now after his company Berkshire Hathaway gradually bought 75 million shares in the iPhone maker during the first three months of this year.

He didn't report his first purchase of Apple shares until two years ago, when he bought 9.8 million shares of the company's stock.

His endorsement helped lift Apple stock to an all-time closing high.

The recovery in the share prices makes it less opportune for Apple's corporate treasury to execute purchases as it proceeds with an additional $100 billion of buybacks in an effort to further winnow down its mountain of cash.

"It is an unbelievable company", Buffett said in an interview with CNBC.

"I made the wrong decisions on Google and Amazon", he said at the Berkshire Hathaway 2018 annual shareholder meeting on Saturday.

Funds from the repatriation of Apple's $252 billion overseas cash hoard arrived at a convenient time for traders working on behalf of Apple.

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The Cupertino, California-based company's worldwide sales accounted for 65% of the quarter's revenue, and its earnings per diluted share jumped by 30%.

"There's a very material risk which did not exist 10 or 15 years ago and will be much more intense as the years go along", he added.

Berkshire Hathaway has stakes in a wide variety of companies including Coca-Cola, American Express, Wells Fargo and Delta Air Lines.

At the end of 2017, Berkshire had owned 165.3 million shares.

On more than a third of the trading days during the March quarter, Apple's stock traded below its volume-weighted average price, or VWAP, for the prior 60 days.

On Friday, shares in Apple rose 4 per cent on news he was raising his stake in it.

Last week, Apple reported its profit in the first three months of the year stood at $13.8 billion, a 25 percent increase from the corresponding period 12 months earlier.

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