Warren Buffett’s Berkshire Hathaway continued selling off more of its HP Inc. shares at a loss this week and dropped its stake below 10% of the printer and computer maker, as reported by the Associated Press (AP).
HP’s shares have been trading around $26 this week after taking a sharp fall of nearly 14% over the past month. I Photo: Don DeBold Flickr
Berkshire said in a filing with the Securities and Exchange Commission (SEC) that the latest sale of over 3 million shares last week raised more than $80 million. Berkshire announced on Monday that it had sold off 5 million other shares.
However, HP’s shares have been trading around $26 this week after taking a sharp fall of nearly 14% over the past month.
The stock of the Palo Alto, California-based company was selling in the mid $30s last spring when Berkshire first bought it. It’s still not clear whether Buffett plans to unload all of Berkshire’s HP shares because he doesn’t comment on stock sales while Berkshire is still making them.
He only discloses what he’s required to as a substantial owner of the stock.