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Warren Buffett‘s Berkshire Hathaway Inc. (NYSE:BRK)(NYSE:BRK) significantly reduced its holdings in Apple Inc. (NASDAQ:AAPL), cutting its stake by 22% to $135.4 billion from $174.3 billion at the end of 2023, as reported in a recent SEC 10-Q filing.
This adjustment occurred despite Apple’s share price only dropping 11% during the same period, reflecting a substantial sale of about 115 million shares, or 13% of Berkshire’s total holdings in the tech giant.
The sale marked the second consecutive quarter in which the Omaha-based conglomerate trimmed its stake in Apple. The reduction in holdings aligned with an overall cautious approach in the stock market, although Apple shares experienced a decline of 4.63% year-to-date.
Despite these reductions, Buffett reassured investors at Berkshire’s annual meeting that Apple was likely to remain the company’s largest investment barring significant capital allocation changes.
The proceeds from selling Apple stock have significantly bolstered Berkshire Hathaway’s cash reserves, expected to exceed $200 billion by June, positioning Warren Buffett favorably for potential market downturns.
Apple was proactive in countering market downturns by announcing a massive $110 billion share repurchase program, the largest ever done in the U.S. stock market.
This strategic move helped Apple’s stock rebound strongly, with a 6% rally last Friday, marking its best performance since November 2022.
From a technical perspective, Apple showed signs of a potential market turnaround, having recently surpassed its 200-day moving average.
Furthermore, Apple’s share price recently cleared the 50% Fibonacci retracement mark from its December 2023 highs to April 2024 lows, pointing towards a possible reversal of the recent bearish trend.
Despite the sizeable sell-off from one of its most steadfast investors, Apple remains a key player in Berkshire’s portfolio, and the broader market’s response to its latest actions indicates resilience in its stock.
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