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NEW YORK, May 16 (UPI) -- Warren Buffett's Berkshire Hathaway Inc. took a new position in Apple after a year of the company's stock price falling amid news of slower iPhone sales. Berkshire Hathaway reported it owned 9.81 million shares of Apple as of March 31 for a value of $1.07 billion.
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A year ago, in May of 2015, Apple's stock hit a high of $132 a share. But it has since fallen and was at $108.99 at the end of the first quarter of 2016. After it reported its first quarterly revenue decline since 2003 last month, the stock dropped even more, to a 52-week low of $90.34 on May 12.
Apple's shares bounced up Monday in early trading to $92.09, a 1.7 percent increase from Friday.
The Berkshire Hathaway position was reported in a 13F filing with the Securities and Exchange Commission, which is required for all investors managing more than $100 million.
Buffett's stake comes after investor Carl Icahn sold all of his shares in the company last month. Icahn said he still views Apple as a "great company," but was concerned about the Chinese economy and government.
Berkshire also increased its position in International Business Machines by 198,853 shares in the first quarter. Buffett first bought IBM stock in 2011.
His company's total investment in IBM after the first quarter was $12.3 billion.
Buffett also has major stakes in Kraft Heinz, Wells Fargo and Coca-Cola.
Buffett used to invest mainly in insurance companies, financial companies and industry, rather than technology firms.
In the first quarter, Berkshire ended its position in another tech company, AT&T.
Berkshire also reduced its holdings in Wal-Mart, Procter & Gamble and MasterCard. It increased its stake in Visa, Phillips 66 and Bank of New York Mellon.
With an estimated fortune of $62 billion, Warren Buffett, 85, is the second-richest man in the world behind Bill Gates, worth an estimated $76.5 billion, according to Forbes.
