(Bloomberg) — Warren Buffett's Berkshire Hathaway Inc. acquired a stake in HP Inc. valued at more than US$4.2 billion. The shares of the laptop manufacturer rose by as much as 10%.
Berkshire bought part of the shares this week in multiple transactions and now has an investment of around 121 million shares in the computer company, according to a regulatory document released Wednesday.
“Berkshire Hathaway is one of the most respected investors in the world and we welcome it as an investor in HP,” said an HP spokesperson.
The investment giant has been finding more and more ways to put its money to work, helped in part by the volatility that has dragged the S&P 500 index down almost 6% so far this year. Buffett's company also bought shares in Occidental Petroleum Corp. in March, creating a stake that is now among Berkshire's top 10 common stock bets.
HP shares recovered last year and rose 53% in 2021, but had fallen 7.3% from the beginning of the year to the close on Wednesday. Berkshire, which had historically moved away from some technology investments, has been leaning more towards that sector in recent years and has accumulated a stake in Apple Inc. that was valued at more than US$161 billion by the end of 2021.
The shares of HP, a manufacturer of printers and computers, rose to $38.38 in extended New York operations after the presentation.
Original Note:
Buffett's Berkshire Hathaway Adds New $4.2 Billion HP Stake (1)
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