Buffett's Berkshire Hathaway adds stake in HP; shares jump
The investment gives Berkshire a roughly 11.4% stake in HP, worth about $4.2 billion
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Warren Buffett's Berkshire Hathaway revealed on Wednesday that it has purchased nearly 121 million shares of HP Inc.
Shares of the personal computing and printing company gained 15% in the premarket.
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Berkshire made the purchase this week during a series of transactions, according to Reuters.
Berkshire Hathaway CEO Warren Buffett (FBN)
The investment gives Berkshire a roughly 11.4% stake in HP, worth about $4.2 billion. Shares closed Wednesday at $34.91.
Berkshire disclosed the stake in filings with the U.S. Securities and Exchange Commission.
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Neither HP nor Berkshire immediately responded to requests from Reuters for comment.
Berkshire has been on a buying spree of late, making HP its third investment since Feb. 26.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 707,250.00 | +3,950.01 | +0.56% |
| HPQ | HP INC. | 37.92 | +1.23 | +3.34% |
The company increased its insurance holdings on March 21, buying Alleghany Corp for $11.6 billion in cash.
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Also in March, Berkshire revealed a 14.6% stake in Occidental Petroleum Corp, which cost well over $6 billion.
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Buffett's company had been stockpiling cash, not making a major acquisition in six years.