HP Inc’s stock rose to a record high after billionaire investor Warren Buffet’s Berkshire Hathaway Inc revealed that it had taken a 11.4% stake valued at about $4.2 billion. HP is a maker of personal computers and printers which has seen a good run of its stocks in the past.
Berkshire disclosed in a regulatory filing that it got nearly 121 million HP shares, including 11.1 million purchased this week. Companies’ stock prices often rise when Berkshire discloses new stakes as Buffets’ expertise is valued in the market.
HP said in a release, “Berkshire Hathaway is one of the world’s most respected investors and we welcome them as an investor.” Berkshire rarely invests in technology stocks apart from Apple and HP’s disclosure came as a surprising investment.
