Updated 10:47 am EDT
HP Inc. (HPQ) -) shares eased following a series of sales by billionaire investor Warren Buffett's Berkshire Hathaway investment group late last week.
Buffett, who began building his stake in the PC and peripherals maker in spring 2022, last week sold around 4.8 million shares valued at around $130 million, according to a Securities and Exchange Commission filing published Friday.
That followed sales of around $160 million, or 5.5 million shares, over the two-day period that ended on Sept. 13, all of which have reduced Buffett's stake to around 11.2%.
SEC rules dictate that investors with a holding of more than 10% in any particular entity must disclose transactions on an ongoing basis, whereas holdings under 10% can be updated on a quarterly basis.
Late last month, HP lowered its full-year profit forecast by as much as 15 cents a share, to a new rate of between $3.30 and $3.35 per share. The revision followed a muted third-quarter earnings report that included a near 10% decline in revenue linked to ongoing weakness in China and cautious corporate IT spending plans.
"The external environment has not improved as quickly as anticipated and we are moderating our expectations as a result," Chief Executive Enrique Lores told investors on a conference call on Aug. 29.
At last check HP shares were off 0.6% at $26.62. In 2023 through Friday's close, the shares traded about flat.
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