Skip to main content

Shares of HP Inc. on Thursday soared higher after Securities and Exchange Commission filings revealed that billionaire investor Warren Buffet had built a $4.2 billion stake in the Pc and printer maker. According to the SEC filings published late Wednesday, Berkshire Hathaway BRK, an investment group, now owns an 11.4% stake in the Palo Alto, California-based group. The move adds to Buffet’s recent buying after new stakes in oil major Occidental petroleum.

Buffet lamented that few companies or deals were able to pique his interest as Berkshire Hathaway posted record fourth-quarter earnings this year and bought back $27 billion in stock over the whole of 2021. Since then, however, the billionaire cautioned that stock buybacks would slow considerably this year to just $1.2 billion, suggesting the Sage of Omaha may be tempted to put his $146.7 billion cash pile to work in finding more companies. Shares of the Pc and printer maker were marked 15.27% higher in pre-market trading to indicate an opening bell price of $40.24 each. The company, in the spring of 2020, beat back a $35 billion hostile takeover bid from Xerox (XRX) and has now added video and audio devices maker poly to its stable last month in a deal valued at $3.3 billion, including debt, as it looks to expand product offerings to take advantage of the global shift towards hybrid work.