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
FOX Business Flash top headlines for April 6
Here are your FOX Business Flash top headlines for April 6.
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.
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.
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 | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 611,032.00 | +6,888.00 | +1.14% |
| HPQ | HP INC. | 27.81 | +0.19 | +0.69% |
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.