HP Shares Hit Record After Buffett Reveals Stake
HP’s stock leaped to a record high on Thursday, after Warren Buffett’s Berkshire Hathaway revealed it had an 11.4% stake in the company, valued at about US$4.2 billion (A$5.62 billion).
Berkshire said it owns nearly 121 million shares, including 11.1 million purchased this week.
Obviously, Buffett’s endorsement gave investors the green light, and shares in HP jumped 15 per cent, to $40.50.
As of Friday morning 9am (AEST), they sit at US$40.06.
HP has benefitted from the shift in work and learning environments during the pandemic, posting fiscal 2021 net revenue of US$63.5 billion, up 12.1 per cent from the prior-year period.
The tech company also agreed last month to buy tech accessories brand Poly, for US$1.7 billion.
“Berkshire Hathaway is one of the world’s most respected investors and we welcome them as an investor,” HP said in a statement.