Benzinga - by Zaheer Anwari, Benzinga Contributor.
- Apple's stock has declined by 7% this year, underperforming compared to the S&P 500 index.
- Apple's stock has seen a 7.4% drop so far for 2024.
Berkshire Hathaway, known for its long-term investment strategy, drew attention by selling around 10 million Apple shares in late 2023, representing about 1% of its holdings. This sale stands out not only for its scale but also because it signals a departure from Buffett's usual investment style.
Despite the selling, it's worth noting that Berkshire Hathaway still maintains a substantial stake in Apple, with more than 905 million shares in its portfolio, equivalent to roughly 5.9% of the tech giant. However, the hint of additional selling by Berkshire could exert pressure on Apple's stock, particularly given Buffett's influence and reputation in the investment arena.
Taking a closer look at Apple's stock performance in 2024, they have experienced a decline of 7.4%, with it reaching 12% at its peak this month. However, it’s important to consider its recent history and the current market conditions.
Following a strong growth of 47% in 2023, Apple’s stock is currently undergoing a phase of consolidation, with its price fluctuating between $165 and $199. The future performance of the stock largely depends on its ability to break out of this consolidation phase.
Breaking past the significant psychological barrier of $200 might pave the way for Apple to reach new record highs, especially with the positive trends in the major indices. If these indices sustain their upward momentum, could align with these trends and resume its upward climb.
After the closing bell on Wednesday, March 20, the stock closed at $178.67, trading up by 1.46%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.