Buffett’s Berkshire reveals shares of HP; Stocks up nearly 10% According to Reuters


© Reuters. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks past the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4 May 2019. REUTERS / Scott


By Jonathan Stempel

(Reuters) – Berkshire Hathaway Inc on Wednesday disclosed that it has purchased nearly 121 million shares of HP Inc (NYSE:), the latest in a series of major corporate investments controlled by billionaire Warren Buffett control.

The investment gives Berkshire about 11.4 percent of HP, which is worth about $4.2 billion based on Wednesday’s closing stock price of the printing and personal computer company of $34.91.

Shares of HP rose 9.9% to $38.38 in after-hours trading after Berkshire disclosed shares in filings with the U.S. Securities and Exchange Commission.

HP, headquartered in Palo Alto, California, had about 1.06 billion shares outstanding as of Jan. 31.

Neither HP nor Berkshire immediately responded to requests for comment.

The HP stake is Berkshire’s third-biggest investment since February 26, when Buffett said in his annual shareholder letter that “inside opportunities provide far better returns than buying back” and less “excite us” in the stock market.

On March 21, Berkshire agreed to acquire insurance company Alleghany (NYSE: Corp) for $11.6 billion in cash, adding to a portfolio of insurers that includes Geico.

In early March, Berkshire disclosed a 14.6% stake in Occidental Petroleum Corporation (NYSE:), which is worth more than $6 billion to accumulate.

Before announcing the Alleghany acquisition, Buffett had gone six years without a major acquisition, leaving Berkshire with $146.7 billion in cash and equivalents. Buffett has pledged to keep at least $30 billion in cash.

Berkshire did not say whether Buffett or his portfolio managers Todd Combs and Ted Weschler were responsible for HP shares, although Buffett typically handles larger investments.

Buffett is primarily responsible for Berkshire’s stake in Apple Inc (NASDAQ:), calling the iPhone maker one of the “Big Four” companies that make up most of the value of his Omaha, Nebraska-based conglomerate. .

The other “Big Four” companies are the insurance companies of Berkshire, the railroad company BNSF and Berkshire Hathaway (NYSE:) Energy.

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