Apple stock shrugs off Warren Buffett’s latest sale of Apple shares

Warren Buffett on May 4, 2024
Warren Buffett’s Berkshire Hathaway has continued to reduce its stake in Apple, leading to a slight dip in Apple’s stock price in trading on Monday. While the “Sage of Omaha” has been steadily selling off Apple shares throughout 2024, investors seem unfazed. Apple’s stock price declined by a modest 0.2% to $222.52, indicating that Apple investors are not necessarily following Buffett’s lead.
George Glover for Barron’s:
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Buffett’s Berkshire Hathaway unloaded another 100 million shares over the third quarter, a 10-Q filing published on Saturday showed. Its overall stake in the Big Tech company is now down by about two thirds—from 905 million shares—since the start of the year.
From glancing at Apple’s share price, you wouldn’t know the accomplished investor has been selling.
Despite a so-so earnings report last week, two thirds of the 51 analysts who cover the stock rate it as a Buy, according to FactSet data, with a consensus price target of just over $244 implying there’s still about 10% upside.
The key factor soothing shareholders has been the iPhone. Rebounding sales of Apple’s flagship device helped it to beat analysts’ third-quarter earnings and sales targets…
“Our view is Apple’s AI rollout over the next few months kick-starts a new era for Cupertino as ultimately hundreds of AI driven apps get built by developers on top of the building blocks of Apple Intelligence,” Wedbush analyst Dan Ives, who rates the stock as an Outperform with a $300 price target, said in a research note last month.

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MacDailyNews Take: Apple will be just fine with or without Berkshire Hathaway as an investor.

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