This purchase was primarily driven by technical analysis. The price was at the lower end of the channel when I entered the trade. Apart from the technical aspects, two other factors piqued my interest. Despite a decline in PC sales, the company maintains a healthy cash flow, and they've been actively using that cash to buy back shares. Some of these buybacks occurred at a price closer to $33.58 per share, which is below my entry point. This further bolsters my decision to initiate this trade. Notably, HPQ is a stock that features in Warren Buffett's portfolio as per his latest 13F filing.
I allocated approximately 2.5% of my capital to this position, and I do not currently have plans to increase my position size going forward. However, should my perspective change or if I gather additional fundamental data that influences my views, I will provide updates under this post.