Billionaire Warren Buffett’s Berkshire Hathaway has slashed its HP Inc. stake by almost half, reducing holdings to 51.5 million shares amid HP’s underperformance compared to rival Dell in the PC market.
Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.
Warren Buffett’s Firm Almost Halves Stake in PC Maker HP
By Abhishek Vishnoi
Billionaire investor Warren Buffett’s firm Berkshire Hathaway Inc. has cut its holding in personal computer maker HP Inc. by almost half.
___STEADY_PAYWALL___
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. 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.
Still, Dell’s stock has risen 72% this year to outperform the Nasdaq 100 Index’s 48% advance and HP’s 13% gain.
Berkshire’s holding in HP is worth about $1.56 billion based on the stock’s closing price on Monday.
Read also:
- Big Tobacco faces £25 billion reality check: Industry shifts toward reduced-risk products – Andrea Felsted
- Charles Savage: Easy may look hectic – but it’s all on plan
- 🔒 From the FT: Russia’s inside track on SA gas: Gazprombank funding $200m Mosgas revamp
© 2023 Bloomberg L.P.
