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Noted value investor Warren Buffett has picked up shares of Apple ( AAPL ) as growth investors have rotated out of the stock. Buffett disclosed in a regulatory filing Monday that Berkshire Hathaway ( BRKB ) bought 9.8 million shares of Apple, valued at $1.07 billion, at the end of the quarter. Buffett tends to focus on slower-growth companies that he believes are undervalued by the market, and he has not been a big tech investor. Meanwhile, hedge fund billionaire David Tepper has sold his stake in Apple, according to a filing with the SEC. Tepper previously held 1.26 million shares, last valued around $133 million, media reports said . On April 28, activist investor Carl Icahn said he had sold all of his shares in Apple. At one point, Icahn owned 53 million shares, or nearly 1% of the company. And Greenlight Capital’s David Einhorn also has been decreasing his stake in Apple. Drexel Hamilton analyst Brian White said Buffett’s Apple investment is a positive sign for the iPhone maker. “Although Buffett has admitted to not understanding technology, and thus avoiding the group for the most part (he also owns IBM ( IBM )), he is always on the lookout for a ‘wonderful company at a fair price,’ and we believe that is what he sees in Apple,” White said in a research report Monday. Investors soured on Apple after the Cupertino, Calif.-based company reported its first year-over-year sales decline since 2003 and its first-ever drop in iPhone unit sales in the March quarter. “In our view, Buffett’s investment in Apple speaks to a much bigger theme around the Apple story — the stock is meaningfully undervalued for such an excellent company with attractive long-term growth prospects,” White said. “In our view, the market gives Apple no credit for its expansive digital matrix across software, services and hardware that deliver a seamless experience for an installed base of 1 billion active devices.” Buffett also has confirmed that he could back a bid for Yahoo ( YHOO ) by Quicken Loans founder Dan Gilbert. Apple stock was up more than 3%, near 94, in midday trading on the stock market today . On Thursday, Apple stock fell to its lowest level in nearly two years, at 89.47. RELATED: Apple Gets Lift From China Ride-Hailing Service Investment . Scalper1 News
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