Berkshire Sold More HP Stock. Here’s How Much It Has Left.

Berkshire now holds 100.9 million shares of HP worth about $2.6 billion based on the current market price of HP shares, which were down 0.1% Monday to $25.67.

Berkshire has been steadily selling HP stock in each of the past nine trading sessions and now holds a 10.2% stake in the company. Before the selling began in September, Berkshire held about 120 million shares of HP.

Berkshire accumulated the HP stake in early 2022 and the sales in the past month were the first since the company finished buying the stock in April 2022. The recent sales could be an indication that Berkshire CEO Warren Buffett, who oversees the company’s roughly $350 billion equity portfolio, plans to continue reducing the HP stake.

In the past year, Buffett has cut formerly sizable stakes in U.S. Bancorp (USB) and Bank of New York Mellon (BK).

Buffett likes to buy and sell stock as quietly as possible, but since Berkshire owns a stake of more than 10% in HP, it needs to file with the SEC within two business days of making any changes in the position. 

With a 10.2% stake in HP, Berkshire is close to the point at which it would not have to make filings within two business days of any sale or purchase of HP stock. Berkshire would have to get its holding under 99 million shares of HP, compared with the current 100.9 million shares, to avoid such filings.

Berkshire has been more active in buying and selling stocks in its equity portfolio in recent years than in the past.

Berkshire likely is taking a loss on the HP sale, having purchased the HP stake in the low $30s, Barron’s estimates.

Write to Andrew Bary at [email protected]