HP shares fall after Buffett's Berkshire Hathaway sells some shares in PC maker By Investing.com

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HP shares fall after Buffett's Berkshire Hathaway sells some shares in PC maker

Published Sep 14, 2023 15:08

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HP shares fall after Buffett's Berkshire Hathaway sells some shares in PC maker

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Investing.com -- Shares in HP Inc (NYSE:HPQ) slipped on Thursday after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) disclosed that it had sold about 5.5 million in shares in the one of the world's largest personal computer makers by shipments.

According to a filing with the U.S. Securities and Exchange Commission, Berkshire offloaded about $158 million worth of HP shares, reducing its stake in the California-based company to about $3.27 billion.

Berkshire now owns about 11.7% of shares in the group formerly known as Hewlett-Packard, down from 12.2% prior to the sales, the SEC filings showed. The document did not explain why Berkshire lowered its holdings.

Buffett's company first took a $4.2 billion stake in HP in April 2022, an announcement that sent shares higher by 14.8% to $40.06. The purchase came at a time when HP was seeing a bump in sales following a boom in at-home working during the COVID-19 pandemic, although this surge has waned as more workers return to the office.

Late last month, HP slashed its full-year profit outlook, in a sign of the toll the sluggish PC market and weak demand in China was taking on the business. To complicate matters further, HP revealed material issues in its financial reporting controls on Monday.

HP shares closed at lower at $28.33 on Wednesday.

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