Buffett's Berkshire Hathaway has reduced its stake in HP to 5.2%, according to a regulatory filing late Monday night local time. The company had previously sold off HP shares for nine consecutive days from mid-September to early October, reducing its holdings to less than 10%.
After the latest sell-off, Berkshire still owns 51.5 million HP shares, worth about $1.6 billion based on Monday's closing price of $30.37. Berkshire remains HP's third-largest institutional shareholder, behind BlackRock and Vanguard, according to FactSet data.
Berkshire originally purchased HP stock in April 2022. The bet didn't pay off big, though, as the stock is still below where it was initially purchased. HP shares are up 13% this year, underperforming the Nasdaq Composite Index's nearly 38% gain.
Many Buffett watchers already suspect he may eventually sell all of his HP shares. The 93-year-old investing icon considers his stock holdings to be part of the business, so he usually clears out his positions once he starts selling.