Apple Stock News: Warren Buffet Buys Apple Stock
Apple Stock News
For the latest Apple Stock News, AAPL closed at $139.99 on Friday, March 17, 2017. It had a loss of 0.5% from its previous close of $140.69 per share.
Warren Buffet, CEO of Berkshire Hathaway, recently announced the ownership of 133 million shares, or about $18.5 billion, worth of Apple Stock. This is comparable to Wells Fargo & Co and The Coca-Cola Co, Berkshire Hathaway’s top equity investments.
Warren Buffet has made several successful investments in different industries, with Coca Cola being the most famous and rewarding. Similar to Apple, Coca-Cola had a product with universal appeal and was demonstrating growing revenue and profits at the time when Warren Buffett invested Berkshire Hathaway.
Warren Buffet explains why he invested in Apple:
“Apple strikes me as having quite a sticky product and enormously useful product that people would use … The continuity of the product is huge, and the degree to which their lives center around it is huge. And it’s a pretty nice … franchise to have with a consumer product.”
Apple has designed a product that has become one of the most iconic brands in the world. Using an iPhone, iPad, and/or a Mac computer, one would understand the stickiness of the brand. All products are tied by Apple’s iCloud storage service, which automatically keeps all of your content synced between devices. These features have led to impressive growth in Apple’s business over the last 10 years, with revenues increasing from 24 billion in 2007 to over 215 billion in 2016.
In addition, Apple consistently earns high customer satisfaction ratings, which continues to help sell tens of millions of iPhones every quarter.
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