Business Maverick

Business Maverick

Buffett’s Berkshire Hathaway Adds New $4.2 Billion HP Stake

Buffett’s Berkshire Hathaway Adds New $4.2 Billion HP Stake
The Hewlett-Packard Co. logo is displayed at J&R Music & Computer World store in New York, U.S., on Monday, Aug. 9, 2010. Photographer: Ramin Talaie/Bloomberg

Warren Buffett’s Berkshire Hathaway Inc. bought a stake in HP Inc. valued at more than $4.2 billion. Shares of the laptop maker surged as much as 10%.

Berkshire bought some of the stock earlier this week in multiple transactions and now holds an investment of about 121 million shares in the computer company, according to a regulatory filing Wednesday.

“Berkshire Hathaway is one of the world’s most respected investors and we welcome them as an investor in HP,” an HP spokesperson said.

The investment giant has increasingly been finding ways to put its money to work, helped in part by volatility that dragged the S&P 500 Index down nearly 6% so far this year. Buffett’s company spent some time in March buying up shares in Occidental Petroleum Corp., building a stake that now ranks among Berkshire’s top 10 common-stock bets.

HP stock rallied last year, gaining 53% in 2021, but had fallen 7.3% since the beginning of the year through Wednesday’s close. Berkshire, which had historically shied away from some technology investments, has leaned further into that sector in recent years and built up a stake in Apple Inc. that was valued at more than $161 billion at the end of 2021.

HP, a maker of printers and computers, surged as high as $38.38 in extended New York trading after the filing. BM

Gallery

Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted

X

This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.


Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

Daily Maverick Elections Toolbox

Download the Daily Maverick Elections Toolbox.

+ Your election day questions answered
+ What's different this election
+ Test yourself! Take the quiz