Berkshire invests in Ulta Beauty, Heico as it retreats from Apple

Warren Buffett’s Berkshire Hathaway acquired stakes in cosmetics store chain Ulta Beauty and aircraft parts maker Heico during the second quarter, when it also nearly halved its huge stake in Apple.

Berkshire owned about 690,000 Ulta Beauty shares worth $266.3 million and 1.04 million Heico shares worth $185.4 million as of June 30, according to a regulatory filing. Ulta Beauty shares soared 14% and Heico shares rose 3% in after-hours trading.

Ulta Beauty, based in Bolingbrook, Illinois, has about 1,395 stores in all 50 US states. Berkshire previously paid $32.1 billion in 2016 for the acquisition of aircraft parts maker Precision Castparts.

During the second quarter, Berkshire sold $77.2 billion of stocks, including Apple shares, and made purchases worth $1.6 billion. The company now has $276.9 billion in cash and equivalents.

Buffett’s company has not provided updates on its Apple holdings. Earlier this year, Buffett expected Apple to remain the conglomerate’s biggest stock holding.