Warren Buffett's Berkshire Hathaway just dumped another $130 million of HP stock - and has now sold nearly $300 million worth this month

  • Warren Buffett's Berkshire Hathaway sold another chunk of its HP position last week, a filing shows.

  • Buffett's company cashed out $130 million worth of the PC maker's stock, cutting its stake to 11.2%.

  • Berkshire has now offloaded over 10 million shares for close to $300 million this month alone.

Warren Buffett's Berkshire Hathaway has forged ahead with paring its HP stake, offloading about $130 million worth of the computing company's stock in three days last week.

Buffett's conglomerate sold nearly 4.8 million shares at prices between $26 and $28, a regulatory filing showed on Friday. The disposals cut its HP stake by 4.1% to just under 111 million shares, reducing its ownership from 11.7% to 11.2%.

HP stock soared to a record intraday high after Berkshire first disclosed its stake in April 2022, as the "Buffett effect" boosted sentiment toward the computing company. However, it has tumbled 35% since then to $26.77 at Friday's close.

The stock-price plunge and Berkshire's disposals this month have slashed the value of the conglomerate's stake from $5.5 billion at its peak to about $3 billion today.

Hewlett-Packard spun off the Hewlett Packard Enterprise Company in 2015, leaving its PC and printer business with the HP name. Prior to this month, Berkshire hadn't touched its HP stake since revealing it last spring. Buffett and his team have now cashed out over 10 million shares for close to $300 million in a matter of weeks.

It's not clear why Berkshire has decided to reduce its HP position, but Buffett and his colleagues have been streamlining their stock portfolio and bolstering their cash reserves for a while. They've sold a net $33 billion of stocks over the last three quarters, and also slowed their pace of buybacks and grew their cash pile by 13% to a near-record $147 billion last quarter.

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