Berkshire Hathaway recently pared its stake in HP Inc. by several million shares.
The move, shown Wednesday in a Securities and Exchange Commission (SEC) filing, saw the Warren Buffett-helmed company’s total number of HP Inc. shares owned go from 120.95 million to 115.45 million. The transactions involved about 5.5 million shares, according to the disclosure.
Berkshire Hathaway started doing so with $27.79 million worth on Monday, with additional sales of HP Inc. stock happening in the two days after that, the filing shows.
FOX Business reached out to HP Inc. for comment.
The tech company has brought in a total of $39.9 billion in net revenue over the first three quarters of its fiscal year 2023, a roughly 17% decrease from the $48.1 billion posted in the same time frame last year. Its net earnings over nine months was $2.29 billion.
In late August, HP Inc. said its diluted net earnings per share was projected to ultimately come in between $2.95 and $3.07 for the fiscal year.
Compared to where it opened Thursday, the value of HP Inc. shares have experienced a drop of roughly 2% so far.
HP Inc. had previously reported earlier in the year that Berkshire Hathaway held ownership of 12.3% of the tech company’s common stock. Berkshire Hathaway holding a large chunk of HP Inc. stock first became public in the spring of 2022, as FOX Business previously reported.
In total, Berkshire Hathaway’s sales of HP Inc. stock this week amounted to about $158.5 million, according to the SEC filing. Its stake has changed to 11.7%.
Buffett, who recently turned 93, has held the CEO position at Berkshire Hathaway for decades. The legendary investor often called the "Oracle of Omaha" has an estimated personal fortune worth $123.5 billion, most of which comes from Berkshire Hathaway, according to Forbes.
The company’s market capitalization hovered around $805.4 billion Thursday afternoon.
Original article source: Berkshire Hathaway sheds over 5 million shares from HP Inc stake