2023-09-14 11:34:11 ET
Warren Buffett seems to be losing his patience with HP Inc (NYSE: HPQ) that has lost nearly 20% over the past two months.
Berkshire unloaded $158 million of HPQ
A regulatory filing this morning revealed Berkshire Hathaway Inc – his conglomerate holding company to have sold $158 million worth of HPQ this week.
The announcement arrives only days after HP reported disappointing results for its fiscal third quarter and issued not so encouraging guidance for the future ( find out more ).
Analysts expect the New York listed firm to see an uptick in revenue from personal computers but they remain concerned on what the future holds for its printing business.
But today’s update did not communicate the exact reason why Berkshire Hathaway has been selling the tech hardware stock.
Is HP headed down the same path as IBM?
HP Inc was perhaps a classic value bet for the legendary investor.
Berkshire Hathaway first revealed a stake in this company in 2022. Factors that may have attracted Warren Buffett to HPQ include its aggressive stock repurchase programme. The California-based company currently pays a dividend yield of 3.82% as well.
It is worth mentioning here that he still owns more than $3.0 billion worth of the tech hardware stock. But now that his conglomerate has started trimming – many are questioning if its fate is sealed much like IBM that Buffett pulled out of entirely in 2018.
HP Inc launched the Spectre Foldable PC on Thursday.
The post Warren Buffett trims stake in HP Inc appeared first on Invezz .