Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently disclosed a position in Apple (NASDAQ:AAPL) worth $1 billion. This position still makes up less than 1% of Berkshire's total equity portfolio. As we all know now, this probably wasn't a decision Warren Buffert made. It was his two successors that made the purchase. This recent purchase by Berkshire Hathaway made me think, who else is buying Apple, since the stock price has been getting battered. Here is what I found.
Michael Burry (Scion Asset Management): Last quarter he purchased 75,000 shares and currently these shares are worth approximately $7 million. This is one of his larger positions in his portfolio. It is approximately 14% of his told portfolio. He made no change to his position in the most recent filing. For those of you who don't know Michael Burry, he runs Scion Asset Management and made huge returns during the housing bubble in 2008. He just recently started investing again with outside funding and is one of the key characters in The Big Short book and movie.
David Einhorn (Greenlight Capital): In the latest quarter, he bought approximately 1.9 million shares at an average price estimated at $99.60. His Apple position makes up about 15% of his total portfolio. Einhorn has been a long-time shareholder of Apple.
Leon Cooperman (Omega Advisors): This was a new purchase for Leon in the quarter at 227,000 shares worth about $22.5 million. His average cost per share was estimated at $99. He has been in and out of Apple over the past 5 years, basically trading the stock on a medium-term basis.
Steven Cohen (Point72 Asset Management): This was also a new purchase for Steven in the quarter at 224,500 shares worth about $22.3 million. His average cost per share was estimated at $99. He has basically done the same thing as Leon over the past 5 years with Apple stock. He's been trading it on a medium-term basis and taking profits once the stock price increases and buying it when it has been depressed.
Joel Greenblatt (Gotham Asset Management): Joel added to his position in the latest quarter. He added 261,387 shares worth about $25.8 million. He now holds about 725,000 shares and is the 4th largest position in his portfolio, at just under 1%.
Ken Fisher (Fisher Asset Management): Ken added to his position in the latest quarter. He added 38,763 shares worth about $3.8 million. He now holds about 11.3 million shares and is the 4th largest position in his portfolio, at 2.5%.
Carl Icahn (Icahn Capital Management): Carl was a notable seller of Apple that I would like to point out in the latest quarter. He sold his whole position worth billions. Icahn said, he was selling the position because of worries over China. I thought this was a dramatic turn of events, since not too long ago, he thought the stock was worth over $200 a share.
There is more to him selling the position than he leads on. Icahn Enterprises (NYSE:IEP) had a terrible year in 2015 and a lot of it was due to his oil and gas positions. I think IEP needed cash and this was one way of raising it.
Apple sells cheap on many valuation basis, as you can see here and here. It appears some of the top investors in the industry think there is still value in Apple. All of these purchases came in Q1 of the 13F filings, so most of them were before Apple reported its earnings on April 26, 2016. The stock got hit even more after the reporting date, so it will be interesting to see if they increase their positions even more in the following quarter.
Disclosure: I am/we are long AAPL.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.