HP Inc. (NYSE:HPQ) Stock Position Raised by Forsta AP Fonden

Forsta AP Fonden lifted its stake in shares of HP Inc. (NYSE:HPQ) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 282,200 shares of the computer maker’s stock after purchasing an additional 12,600 shares during the quarter. Forsta AP Fonden’s holdings in HP were worth $10,123,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after buying an additional 3,062,441 shares during the last quarter. Primecap Management Co. CA increased its holdings in shares of HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after acquiring an additional 1,319,731 shares during the period. LSV Asset Management lifted its position in HP by 3.3% in the 1st quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock valued at $383,028,000 after purchasing an additional 403,355 shares during the last quarter. Legal & General Group Plc lifted its position in HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after purchasing an additional 1,089,848 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in HP by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after purchasing an additional 287,861 shares during the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Price Performance

HPQ stock opened at $36.88 on Monday. The firm has a market cap of $36.09 billion, a PE ratio of 12.46, a P/E/G ratio of 2.64 and a beta of 1.07. HP Inc. has a 12 month low of $25.67 and a 12 month high of $39.52. The firm has a 50 day simple moving average of $35.50 and a 200 day simple moving average of $34.16.

HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.86 EPS. As a group, sell-side analysts expect that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has initiated a share buyback plan on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley reduced their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Loop Capital reduced their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their price target on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Friday, September 27th. Finally, UBS Group raised their target price on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, HP presently has an average rating of “Hold” and a consensus target price of $35.55.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

HP Profile

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.