Please ensure Javascript is enabled for purposes of website accessibility
Warren Buffett Buying Spree Goes on, HP Soars on 11.5% Stake
gvw_ap_news
By Associated Press
Published 2 years ago on
April 7, 2022

Share

 

Shares of HP Inc. jumped nearly 15% Thursday after Warren Buffett’s company snapped up more than 11% of the printer and computer maker over the past week in another uncharacteristic tech investment from the billionaire.

Berkshire Hathaway Inc. said in a filing with the Securities and Exchange Commission that it now owns nearly 121 million HP shares, giving it control of 11.5% of the company.

Normally a Tech-Shy Investor

HP shares rose more than $5 to $40.05 in the first day of trading since the purchases were disclosed. The company is based in Palo Alto, California.

Buffett began the year telling shareholders he was having trouble finding anything at attractive prices to invest Berkshire’s nearly $147 billion pile of cash. Since airing that sentiment in February in his annual letter, Berkshire said it would spend $11.6 billion to acquire the Alleghany insurance conglomerate, and it bought more than $7 billion worth of Occidental Petroleum stock.

Buffett has long shied away from investing in tech companies saying that it was too hard to pick long-term winners. Yet he’s liked Apple’s prospects enough to buy more than 5.6% of the iPhone maker in recent years and it appears he’s found something similarly alluring in HP.

Berkshire’s investments now lean heavily on financial services companies and “value tech investments,” said CFRA Research analyst Cathy Seifert.

Besides the high-tech investments in Apple, HP and electric car maker BYD, Berkshire’s $351 billion portfolio includes major investments in Bank of America, American Express, US Bancorp and credit rating agency Moody’s.

Remarkably Successful Track Record

“This strategy makes a lot of sense, in our view, despite Buffet’s pervious wariness toward the tech space, since it further diversifies the broader Berkshire operating model, currently centered around energy, industrial, consumer and insurance,” Seifert said.

The Berkshire filing doesn’t disclose whether Buffett or one of Berkshire’s other investment managers made the HP purchases but Buffett has said he typically handles investments of more than $1 billion. Berkshire didn’t immediately respond Thursday to questions about the HP investment.

Many investors track Buffett’s investment moves closely because of his remarkably successful track record over the decades.

Besides its investment portfolio, the Omaha, Nebraska, conglomerate also owns more than 90 companies outright, including BNSF railroad, Geico and a number of other large insurers, several major utilities and an assortment of manufacturing and retail companies.

RELATED TOPICS:

DON'T MISS

The Pickle Flavor Frenzy and Its Rise in Food Trends

DON'T MISS

Kate Hudson Had a Lifetime to Make a Record. The Result is ‘Glorious,’ Out in May

DON'T MISS

Long-Lost First Model of USS Enterprise from ‘Star Trek’ Boldly Goes Home

DON'T MISS

California Leaders Take Sides in Monumental Supreme Court Case on Homelessness

DON'T MISS

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

DON'T MISS

McDonald’s Ice Cream Machines Are So Unreliable They’re a Meme. They Might Also Be a Climate Solution.

DON'T MISS

Real Estate Experts Talk Fresno’s Economic Future. Are Tough Times Ahead?

DON'T MISS

Unlocking the Secrets to Fresno State’s Superb Baseball Season

DON'T MISS

‘This Is How to Improve Reading Proficiency. We Just Have To Execute It’: FUSD Board President

DON'T MISS

Does Dyer Support (or Endorse) Bredefeld for Supervisor?

UP NEXT

Did City Council Finally Give New NW Fresno Costco a Green Light?

UP NEXT

Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel

UP NEXT

Southern California City Council Gives Key Approval for Disneyland Expansion Plan

UP NEXT

Tesla Wants Shareholders to Reinstate CEO Elon Musk’s $56 Billion Pay Package

UP NEXT

Boeing in the Spotlight as Congress Calls a Whistleblower to Testify About Defects in Planes

UP NEXT

Acquisition of Historic Fresno Real Estate Brand Creates Area’s Largest Brokerage

UP NEXT

Costco Tries Again at City Council for Big NW Fresno Move

UP NEXT

Tesla Is Planning to Lay Off 10% of Its Workers After Dismal 1Q Sales

UP NEXT

US Consumer Sentiment Falls Slightly as Outlook for Inflation Worsens

UP NEXT

Buyer Resistance Grows as EV Ownership Rises: Poll

California Leaders Take Sides in Monumental Supreme Court Case on Homelessness

23 hours ago

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

1 day ago

McDonald’s Ice Cream Machines Are So Unreliable They’re a Meme. They Might Also Be a Climate Solution.

1 day ago

Real Estate Experts Talk Fresno’s Economic Future. Are Tough Times Ahead?

1 day ago

Unlocking the Secrets to Fresno State’s Superb Baseball Season

2 days ago

‘This Is How to Improve Reading Proficiency. We Just Have To Execute It’: FUSD Board President

2 days ago

Does Dyer Support (or Endorse) Bredefeld for Supervisor?

2 days ago

Get a 3D First Look at Merced’s High-Speed Rail Station Design

2 days ago

California Court to Decide on Transgender Ballot Measure Wording

2 days ago

Rare House Vote Sees Ukraine, Israel Aid Advance as Democrats Join Republicans

2 days ago

The Pickle Flavor Frenzy and Its Rise in Food Trends

You might have noticed that the tangy taste of pickles has taken over more than just the condiment aisle. From pickle-flavored popcorn to pi...

22 hours ago

22 hours ago

The Pickle Flavor Frenzy and Its Rise in Food Trends

22 hours ago

Kate Hudson Had a Lifetime to Make a Record. The Result is ‘Glorious,’ Out in May

23 hours ago

Long-Lost First Model of USS Enterprise from ‘Star Trek’ Boldly Goes Home

23 hours ago

California Leaders Take Sides in Monumental Supreme Court Case on Homelessness

1 day ago

Man Sets Himself on Fire Outside Trump Hush Money Trial Court

1 day ago

McDonald’s Ice Cream Machines Are So Unreliable They’re a Meme. They Might Also Be a Climate Solution.

1 day ago

Real Estate Experts Talk Fresno’s Economic Future. Are Tough Times Ahead?

2 days ago

Unlocking the Secrets to Fresno State’s Superb Baseball Season

MENU

CONNECT WITH US

Search

Send this to a friend