- Warren Buffet's Berkshire Hathaway Inc (NYSE: BRK-B) acquired 121 million shares of HP Inc HPQ, the latest in significant investments according to the SEC filings.
- Berkshire acquired an 11.4% stake in HP, worth about $4.2 billion based on HP's April 6 closing price of $34.91, Reuters reports.
- Investors had lost interest in companies like HP over concerns of surging inflation, curbing consumer spending, coupled with the Fed rate hike.
- Investors chased companies less dependent on the economic cycle to drive sales ditching the computer makers despite their cheapest valuations.
- Recently Berkshire agreed to buy insurance company Alleghany Corp Y for $11.6 billion.
- Price Action: HPQ shares traded higher by 13.60% at $39.66 in the premarket on the last check Thursday.
- Photo by włodi via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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