Billionaire investor Warren Buffett has been further reducing his stake in the PC maker HP Inc. (HPQ:US).
In the latest SEC filing, it was disclosed on Friday that Buffett sold approximately 4.8 million shares of the company, valued at around $130 million. The selling occurred on the last three days of the last week.
This follows previous sales of around $160 million, equivalent to 5.5 million shares, over a two-day period that concluded on September 13th. As a result of these transactions, Berkshire’s ownership in the company now stands at approximately 11.2%.
The SEC rules require investors with holdings exceeding 10% in a particular entity to disclose their transactions regularly, while holdings under 10% can be updated on a quarterly basis.
This move by Buffett coincides with HP's decision to lower its full-year profit forecast by $0.15 per share. The revised earnings projection now ranges between $3.30 to $3.35 per share.
This adjustment comes on the heels of a lackluster third-quarter earnings report, which cited a nearly 10% decline in revenues, attributed to ongoing challenges in the Chinese market and cautious corporate IT spending plans.
Following a modest selloff on Monday, HP shares were seen trading below the $27 mark.