Berkshire held 51.5 million shares, or 5.2% of the Palo Alto, California-based company on Nov. 30, according to a regulatory filing. That’s down from about 97.85 million shares on Oct. 3, according to data compiled by Bloomberg.
The transaction puts Berkshire on track to be a seller in HP for a second consecutive quarter, Bloomberg-compiled data shows.
HP’s shares have underperformed those of rival Dell Technologies Inc. this year as demand for personal computers cratered in the post-pandemic bust. Sales for both HP and Dell shrank in the latest quarter and lagged behind analyst estimates.
Dell’s stock has risen 72% in 2023 to outperform the Nasdaq 100 Index’s 49% advance and HP’s 13% gain. Meanwhile, HP was on track to gain for the fourth straight session, rising less than 1%. The stock is trading on Tuesday without the right to receive a dividend payout.
Berkshire’s holding in HP is worth about $1.56 billion based on the stock’s closing price on Monday.
Source: Mint