Apple shares dip premarket after Buffett's Berkshire Hathaway cuts stake

Investing.com -- Shares in Apple (NASDAQ: AAPL) edged lower in premarket U.S. trading on Monday after investment icon Warren Buffett's Berkshire Hathaway (NYSE: BRKa) slashed its stake in the tech group.

In its first-quarter earnings unveiled over the weekend, Berkshire said its bet on Apple was currently valued at $135.4 billion -- a reduction from $174.3 billion in December. Based on changes in Apple's stock price, Berkshire has now sold off roughly 115 million shares, or 13% of its holdings, bringing the total down to about 790 million by the end of the quarter.

The sale comes as Buffett has faced worries from some investors that Apple makes up too large a portion of Berkshire's overall portfolio.

However, Buffett indicated that he retained his faith in Apple, which he has praised for its strong pricing power and customer loyalty. The company remains Berkshire's largest holding, a position that Buffett said would not change bar a "dramatic" event.

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