Buffett's Berkshire Hathaway adds stake in HP; shares jump almost 10%

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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 rose nearly 10% in after-hours trading.

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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.

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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.

TickerSecurityLastChangeChange %
BRK.ABERKSHIRE HATHAWAY INC.517,306.00+86.00+0.02%
HPQHP INC.34.91-1.08-3.01%

The company increased its insurance holdings on March 21, buying Alleghany Corp for $11.6 billion in cash.

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Also in March, Berkshire revealed a 14.6% stake in Occidental Petroleum Corp, which cost well over $6 billion.

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Buffett's company had been stockpiling cash, not making a major acquisition in six years.

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