Jonathan Stempel

(Reuters) –Berkshire Hathaway Inc announced Wednesday it had purchased almost 121,000,000 shares of HP Inc (NYSE :). This is the latest of a string of large investments made by the conglomerate owned by Warren Buffett.

Berkshire now holds a 11.4% share in HP. This investment is based on HP’s Wednesday closing stock price of $34.91.

After Berkshire filed filings with U.S. Securities and Exchange Commission, Berkshire revealed the stake and shares of HP rose 9.9% in trading. They traded at $38.38 after hours.

HP was based in Palo Alto (California) and had approximately 1.06 billion outstanding shares as of January 31.

Berkshire, HP and Berkshire did not respond immediately to inquiries for comment.

Berkshire is now the third largest investor in HP since Buffett’s February 26th shareholder letter, in which he stated that “internal opportunity deliver far greater returns than acquisitions” but little interest in equity markets.

Berkshire bought insurance company Alleghany Corp in March for $11.6 million cash. It will add to its existing portfolio, which includes Geico.

Berkshire announced a 14.6% ownership in Occidental Petroleum Corp.

Buffett, who had been without major acquisitions for six years, announced that Alleghany would be his sixth. Berkshire now has $146.7 billion cash and its equivalents. Buffett promised to have at least $30 Billion of cash available.

Berkshire didn’t say whether Buffett, his portfolio managers Todd Combs or Ted Weschler were responsible for HP. Buffett is known to manage larger investments.

Berkshire holds the majority of Berkshire’s Apple Inc stake (NASDAQ:). Buffett calls the iPhone maker “Big Four”, referring to the company that accounts for most of his Omaha, Nebraska-based conglomerate’s value.

Berkshire Hathaway Energy (NYSE 🙂 Energy are two other companies that make up the “Big Four”.