3 Undervalued S&P 500 Stocks to Buy Before Wall Street Catches On

HP (HPQ)

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These days, HP (NYSE:HPQ) gets most of its publicity for being one of Warren Buffett’s largest holdings. As of March 31, Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) owned 12.3% of the company, making it the holding company’s 10th-largest equity position, valued at $3.6 billion.

The Oracle of Omaha upped Berkshire’s HPQ position in the first quarter by 16%, one of the few buys it made in Q1 2023.

According to a report from Yahoo Finance Executive Editor Brian Sozzi, Buffett likes HP’s capital allocation strategy.

“‘HP is committed to one of the largest share repurchase programs (relative to market cap) within our coverage, so we think Berkshire’s involvement makes sense,’ pointed out Evercore ISI analyst Amit Daryanani,” Sozzi reported on May 16.

Since 2020, HP has repurchased approximately $13 billion of its stock.

Late last year, the company announced a major cost-cutting program that would see the maker of printers and PCs let as many as 6,000 employees go by fiscal 2025. The move’s intended to cut $1.4 billion in annual expenses.

Down 12% year-to-date, Buffett probably also likes that it’s cheap with an 8.5% earnings yield.

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