HP Inc. (NYSE:HPQ) Stake Lifted by Old Port Advisors

Old Port Advisors increased its stake in HP Inc. (NYSE:HPQ) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,612 shares of the computer maker’s stock after acquiring an additional 317 shares during the period. Old Port Advisors’ holdings in HP were worth $345,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in HPQ. Triad Wealth Partners LLC bought a new position in shares of HP in the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in HP during the second quarter worth approximately $34,000. Wolff Wiese Magana LLC boosted its holdings in HP by 115.1% during the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after buying an additional 518 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in HP during the third quarter worth approximately $37,000. Finally, DecisionPoint Financial LLC bought a new stake in HP during the second quarter worth approximately $43,000. 77.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Loop Capital reduced their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Barclays reduced their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a report on Friday, September 27th. Finally, Morgan Stanley reduced their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. One investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.55.

HP Stock Down 1.0 %

HPQ stock opened at $37.06 on Wednesday. HP Inc. has a 12-month low of $25.90 and a 12-month high of $39.52. The company has a market cap of $36.27 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 2.64 and a beta of 1.07. The company has a 50 day moving average of $35.60 and a two-hundred day moving average of $34.28.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the company earned $0.86 EPS. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, research analysts anticipate that HP Inc. will post 3.39 EPS for the current year.

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

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.41% of the company’s stock.

About HP

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.