's (NYSE: HPQ) stock price is down about 20% over the past three months over concerns that its sales of PCs and printers have stalled out in the post-pandemic market. Its revenue has declined year over year for five consecutive quarters, while IDC expects global PC shipments to drop 14% in calendar 2023 before rising a mere 4% in 2024.
That's probably why Warren Buffett's Berkshire Hathaway -- which became HP's largest single shareholder over the past year -- gradually reduced its stake from 12% to less than 10% as its stock tumbled. Berkshire's retreat suggests HP's stock still isn't a bargain at 8 times forward earnings.
Image source: HP.
Source Fool.com