Berkshire Sells Some HP Shares After Acquiring Large Stake Last Year
14 Setembro 2023 - 8:17AM
IH Market News
Warren Buffett’s Berkshire Hathaway said on Wednesday that it
has sold about 5.5 million shares of HP (NYSE:HP), unwinding part
of what has been a large and unsuccessful investment in the
personal computer and printer manufacturer.
Berkshire (NYSE:BRK.B) sold the shares this week for
approximately $158 million, reducing its stake in HP to about $3.27
billion, according to a filing with the U.S. Securities and
Exchange Commission.
Buffett’s company now holds about 11.7% of HP’s shares, down
from 12.2% before the sales, SEC documents show.
Wednesday’s filing does not say why Berkshire sold the shares.
Berkshire did not immediately respond to a request for comment
after the market closed.
HP’s stock price has fallen 19% since Berkshire revealed an
unexpected $4.2 billion stake in the Palo Alto, California-based
company in April 2022, which had been separated seven years earlier
from the former Hewlett-Packard.
That disclosure caused HP’s stock price to rise 14.8% the next
day to $40.06. Shares closed down 61 cents at $28.33 on
Wednesday.
On August 29, HP lowered its full-year profit forecast as it
grapples with a year-long drop in personal computer sales and weak
demand from China.
Then on Monday, HP disclosed material weaknesses in its
financial reporting controls related to one of its customers and a
payment request for some sales incentive programs.
Stock prices often rise when Berkshire discloses new holdings,
reflecting investors’ regard for Buffett, the world’s fifth-richest
person according to Forbes magazine.
Stock prices, on the other hand, sometimes fall when Berkshire
discloses sales.
Buffett does not regularly invest in technology companies,
although Apple, the iPhone maker, accounted for about half of
Berkshire’s $353.4 billion stock portfolio at the end of June.
Berkshire is based in Omaha, Nebraska. It also owns dozens of
companies, including the BNSF railroad and auto insurer Geico.
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