Million Dollar Portfolio

03/03/2017 7:00 am EST


Ian Wyatt

Publisher & Chief Investment Strategist, Wyatt Investment Research

Warren Buffett's Berkshire Hathaway (BFK-B) has been adding to its position in Apple (AAPL). In a 13-F filing with the SEC, Berkshire announced that it increased its Apple position by four times. Berkshire's position has grown from 15.2 million shares to more than 57 million shares.

That makes Buffett's company one of the 10 biggest shareholders in Apple; it owns 1% of the company's shares.

Apple shares have been rallying this year. The stock is up 17% YTD, helping boost Berkshire's profits by more than $1.1 billion.

We own a sizable stake in Apple in the Million Dollar Portfolio. The stock was named on our list of Top Buys for 2017 and our target price of $150 provides 11% upside from the current price of $135.

After a big run for Apple stock, I will not be buying more shares. The stock price may get a continued boost in the short term following this news. But after a big run-up in price, it's reasonable to expect some consolidation.

Heading into the fall launch of Apple's iPhone 8, I'd expect the stock to rally once again. It's worth noting that Berkshire Hathaway is also a top holding in my portfolio.

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