Wareen Buffett’s Berkshire Hathaway increased its stake in Apple to $1.46 billion as of June 30. The firm increased its position in Apple by 5.4 million shares in the second quarter of 2016. The brings the company’s holdings to 15.2 million shares, according to an SEC filing released on Monday.
Bloomberg notes the move takes advantage of a string of rough quarters for the Cupertino iPhone maker. Apple’s share price dropped 12% to $95.60 per share during the three-month period ending in June. The company saw its first revenue decline in 13 years during the quarter.
Berkshires 9.81 million share buy-in of Apple earlier this year raised a few eyebrows, as Warren Buffett famously avoids buying tech stocks. The purchase helped Apple stock rebound above the $100 mark, following a disappointing financial report and the dumping of shares by investor Carl Icahn.
While Mr. Buffett has long voiced his aversion to investing in technology companies, it turns out the initial investment was made by one of his stock-picking lieutenants. Todd Combs, who joined Berkshire in 2011, and Ted Weschler, who arrived a year later, have shown a willingness to wade into corners of the market that Mr. Buffett won’t touch, including the tech sector.
Apple stock has rebounded a bit since its low point, closing at $109.48 on Monday.