Is This the Reason Warren Buffett Sold Apple Stock?
Apple (NASDAQ: AAPL) may be one of the best-performing stocks this century, but lately, the tech giant's performance hasn't been so stellar. Apple underperformed the S 500 by a wide margin so far this year as the stock's price is up less than 1%, compared to a nearly 11% gain from the S 500.
While some of its big tech peers have surged over the past 18 months on excitement over artificial intelligence (AI), Apple seems to be getting left behind by the latest technology trend. Its quarterly results continue to show the company struggling to grow revenue, as the iPhone market that fuels the majority of its revenue continues to mature.
To add to its issues, Apple seems to be losing the support of its biggest backer. Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) cut its stake in Apple for the second quarter in a row in 2024's first quarter. This time, Berkshire Hathaway sold more than 116 million shares of Apple, reducing its holdings by 13%. With the stock's underperformance, its value in the Berkshire portfolio fell from more than 50% at the end of the fourth quarter to less than 41% at the end of the first.
Source Fool.com
Apple Inc. Stock
Currently there is a rather positive sentiment for Apple Inc. with 149 Buy predictions and 17 Sell predictions.
With a target price of 224 € there is a slightly positive potential of 11.8% for Apple Inc. compared to the current price of 200.35 €.
