Warren Buffett's Berkshire Hathaway on Wednesday disclosed it had upped its stake in Apple by 23% last quarter.
Shares of Apple are up more than 2% Thursday after Warren Buffett's Berkshire Hathaway disclosed it upped its stake by 23%.
Berkshire added 31.2 million shares in the fourth quarter, bringing its total stake in Apple to 165.3 million shares, or 3.34% of the company. The entire stake worth is worth $28.2 billion at Thursday's prices.
It's not clear when exactly the firm purchased the shares, as the regulatory filing made public Wednesday, known as a 13F, is only required of firms once a quarter.
Nebraska-based Berkshire, which Buffett has controlled since 1965, is known for its buy-and-hold strategy.
The bet on Apple could prove quite lucrative for Berkshire as Wall Street analysts polled by Bloomberg have an average price target of $191 a share, nearly 12% above its current level.
Apple is up 25% in the past year — 10 percentage points more than the benchmark S&P 500 index.