Warren Buffett's conglomerate sold about 5.5 million shares of HP, worth around $158 million, a new filing shows.
Warren Buffett's Berkshire Hathaway sold a portion of its stake in HP as the printer and PC maker continues its underperformance this year, according to a new regulatory filing . The conglomerate sold about 5.5 million shares of HP, worth around $158 million, during a series of transactions on Monday, Tuesday and Wednesday, the filing shows. Berkshire still owns over $3 billion in HP shares after the trimming. Shares of HP fell more than 2% in premarket trading after the news.
" They believe PC revenues will likely improve going forward but the company's printing business may be more of a sticking point. When the HP stake was initially revealed, Buffett watchers said it was a classic value bet rather than a specific bet on HP's future or products. Meanwhile, Buffett could have been attracted by the consistent capital returns generated by HP's aggressive buyback program and sizable dividends.
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