Buffett ploughs $10.7 billion into IBM

Warren Buffett has ploughed $10.7 billion (£6.7 billion) into IBM, snapping up 64 million shares over the seven months since March.

Buffett's holding represents 5.5% of the company and in an interview with US broadcaster CNBC, the Berkshire Hathaway founder revealed his latest bet had netted him 11% according to the latest numbers.

Buffett brought into the technology company at an average price of $170, and today its shares trade at $189.  The veteran investor, speakling ahead of his investment firm's end-of-quarter portfolio update, told the broadcaster that IBM has done an 'incredible job' implementing its long-term strategy and believes it holds its investors in high regard.

Buffett (pictured) normally avoids computing and technology stock,  but said that the opportunity in IBM 'hit him between the eyes'.

But despite IBM's double digit gains since he bought in the esteemed investor said he has hit his target holding of the company and has no plans to buy any more.