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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Berkshire made the purchase this week during a series of transactions, according to Reuters.
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 US Securities and Exchange Commission.
WARREN BUFFETT’S BERKSHIRE HATHAWAY TO BUY ALLEGHANY FOR $11.6B
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 | load | Change | change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 518.763.91 | +1,761.91 | +0.34% |
| HPQ | HP INC. | 40.65 | +5.74 | +16.43% |
The company increased its insurance holdings on March 21, buying Alleghany Corp for $11.6 billion in cash.
BUFFETT LAMENTS LACK OF GOOD INVESTMENTS EVEN AS BERKSHIRE PROFIT SETS RECORD
Also in March, Berkshire revealed a 14.6% stake in Occidental Petroleum Corp, which cost well over $6 billion.
CLICK HERE TO READ MORE ON FOX BUSINESS
Buffett’s company had been stockpiling cash, not making a major acquisition in six years.
