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Warren Buffett said he bought $600 million worth of Apple stock during a March quarter decline and would have bought more had the stock price not recovered.
Apple’s share price fell during a three-day sell-off around March 14, but quickly recovered. The rebound was the only reason Buffett didn’t add more stocks to his portfolio, the Berkshire Hathaway CEO and chairman told CNBC.
“Unfortunately the stock went back up so I quit. Otherwise, who knows how much we would have bought,” Buffett said Sunday.
Apple is Berkshire Hathaway’s largest holding, and Buffett considers the company one of his “four giants.” At the end of March, the company held $159.1 billion worth of Apple stock, which is about 40% of its stock portfolio.
Buffett began buying Apple stock in 2016. Six years later, in March 2022, a report showed that the investor made more than $100 billion holding the iPhone maker’s shares.
Apple shares came under pressure on ongoing supply constraints and fears of consumer spending shifts due to inflation and other macroeconomic factors. Apple’s shares are down 13.69% so far in 2022.
In late April, Apple approved an additional $90 billion in share buybacks, maintaining its pace as a public company that spends most of its money buying back its own stock.