Warren Buffett's Berkshire Hathaway sold about 3.07 million shares of HP stock on Tuesday for about $80.4 million, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Thursday.

Following the sale, Berkshire's stake in HP has fallen below 10%. This also means that if it continues to reduce its stake in HP, it will no longer need to file with the SEC.
Berkshire still owns about 97.9 million HP shares, worth about $2.54 billion at the latest closing price. Berkshire owned about 120 million HP shares before it first began selling shares in September.
It's unclear whether Buffett plans to sell all of Berkshire's remaining HP shares. In the past, when Berkshire was still selling shares, Mr. Buffett typically did not comment on stock sales.
HP shares have plunged nearly 14 percent in the past month, falling below the $26 mark on Friday. When Berkshire first bought the Palo Alto, California-based PC maker last spring, its shares were trading around $30. This also means that Buffett has suffered a certain loss behind the repeated reduction of holdings since the third quarter.
Many analysts have speculated that the slumping PC market and HP's low stock price may be the main reasons why the stock gods are now cutting back on HP even if they cut their meat.
According to the latest financial results disclosed earlier, in the third fiscal quarter ended July 31, HP in accordance with the United States general accounting standards (GAAP) calculation of total revenue of $13.2 billion, down 9.9%, lower than the market expectation of $13.4 billion; Non-GAAP net income was $800 million, down 32% year over year.
In any case, Buffett's HP investment is more likely to be as ill-fated as his purchase of IBM in 2011, rather than as successful as his investment in Apple, which has become Berkshire's largest holding. Buffett admitted in 2018 that he was wrong about IBM, and completely liquidated his position that year.
Investing in technology stocks has always been a struggle for Buffett, who for years shied away from the sector because he thought it was too difficult to pick long-term winners in the fast-moving sector. Still, Buffett feels comfortable investing in Apple because he sees it as a consumer goods company with very loyal customers.
And with Buffett's stake in HP falling below 10%, HP investors who want to follow Buffett's moves may have to wait for Berkshire's own quarterly results for more information. However, given that Buffett's latest sale of HP occurred in October (fourth quarter), the next earnings update that will show Buffett's latest move on the stock may not be until February.