Berkshire Hathaway, led by Warren Buffett, cut its HP stake to 5.2%, as per a regulatory filing on Monday night.
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The company sold for nine days straight in September-October, reducing its stake in the printer and PC maker to around 10%.
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HP shares fell over 1% in after-hours trading on Monday following the recent news. Simple market shifts affecting their value.
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Berkshire holds 51.5 million HP shares, valued at around $1.6 billion with Monday's closing price at $30.37.
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Omaha's big investor ranks third in HP ownership, trailing BlackRock and Vanguard
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Last month, HP's Q1 profit fell short of Wall Street expectations, but the company maintained its yearly earnings outlook, suggesting PC market recovery.
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Berkshire acquired the tech stock in April 2022, but it hasn't paid off; the current value remains below the initial purchase.
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The 93-year-old investing legend sees stocks as bits of businesses. When he sells, he usually wraps up the entire position.
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“We don’t trim positions. That’s just not the way we approach it any more than if we buy 100% of a business,” he once said.
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– Start early and harness the power of compounding. – Diversify your portfolio to mitigate risk.
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