Bill Gates has ramped up his holding in flight services company BBA Aviation as the business continues an aggressive schedule of share buybacks.
Gates (pictured) upped his holdings in the company from 40.23 million shares to 46.11 million or 9.8% worth £147.58 million at a share price of 318p, up 44% over the last three years.
The holding is split between Gates’ charitable Bill & Melinda Gates Foundation and Cascade Investments, the business he established to manage his fortune, estimated at around $61 billion.
Day to day management of the company is handled by renowned value investor Michael Larson. BBA has been widely tipped by managers such as Citywire AAA-rated Nigel Thomas of AXA Framlington.
Societe Generale initiated coverage of BBA at the end of June with a 360p price target and a buy rating. Jeffries has a target of 375p, also rated buy. The company has since April purchased around £25 million of its own stock as part of a planned £80 million buyback programme.