In recent years, it has been somewhat quiet around the star investor Warren Buffett, but this year that seems to have changed abruptly.
Buying Spree Enters Next Phase In April
In April, the buying spree of the now 91-year-old continued.
The laptop and printer manufacturer Hewlett Packard (HPQ) seems to have found his interest. He invested $4.2 billion for 121 million shares in the company, which is often cited as a beneficiary of COVID-19.
Share Price Doubled In The Last Two Years
HP, like many of the technology stocks on the Nasdaq, has come under pressure in recent weeks and months.
Currently, it stands at about $37. However, the share has definitely had a run in the last two years, as in May 2020 it was as low as $15.
Furthermore, the company has recently reported decent figures and generates a much larger net profit per dollar of sales than the competition.
After the news of Buffett’s entry, the share went up by 18%, which proves that the Oracle of Omaha still has many followers and interested parties.
Buffett once said, “Buy companies with a good profit history and a dominant market position.” That’s certainly true of HP.