Berkshire raises stake in Apple by 55%, cuts Wal-Mart stake by 27.2%

Warren Buffett’s multi-billion-dollar conglomerate Berkshire Hathaway increased its stake in Apple by 55 percent as of June 30. Berkshire owned 15.23 million Apple shares worth US$1.46 billion as of June 30, up from 9.81 million shares as of March 31.

Berkshire meanwhile cut its stake in the World’s largest retailer Wal-Mart Stores by 27.2 percent, about 40.23 million shares from 55.24 million, stake now worth $2.9 billion. Wal-Mart has been in Berkshire’s portfolio for more than a decade.

The company also slashed its stake in Deere by 5.7 percent and in oil and gas company Suncor Energy by 25.8 percent.

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Apple’s stock has been on a tear lately, rising about 21 percent over the past three months.

Berkshire’s stake in Apple was first revealed in May, however, it wasn’t Buffett himself who made the initial purchase, but rather one of portfolio managers. Buffett is typically responsible for larger investments such as Wal-Mart, while his deputies Todd Combs and Ted Weschler handle smaller investments.

Berkshire also added to its position in American Express (AXP), lifting its stake to more than 1.51 million shares from a previous 1.49 million shares. Berkshire also raised its stake in Phillips 66 by 4.3 percent.

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Sources; BNN, CNBC, Kenyan wallstreet