HP Inc (NYSE:HPQ) shares slipped 3% to $27.49 in early Thursday trading after a regulatory filing on Wednesday showed that Warren Buffett's Berkshire Hathaway sold about $158 million worth of HP Inc (NYSE:HPQ) stock in three days this week.
Berkshire unloaded 5.5 million shares at prices between $28 and $30, reducing its holding by 4.5% to 115 million shares, which are currently valued at about $3.3 billion.
Berkshire Hathaway is still HP's largest shareholder, though, even after reducing its equity stake from 12.2% to 11.7%.
Berkshire last purchased HP shares in April 2022, with its stock sliding about 25% since.
In late August, HP posted mixed third-quarter 2023 financial results and issued softer-than-expected 4Q guidance.
Its 3Q revenue came in at $13.2 billion, down 10% year-over-year and short of the $13.4 billion expected by analysts, while the company’s adjusted earnings per share for the period of $0.86 was in line with the Wall Street consensus forecast.
Shares of HP have gained about 3% year to date and a mere 10% over the past five years.
Contact Sean at sean@proactiveinvestors.com