Primecap Management Co. CA Makes New $545.98 Million Investment in HP Inc. $HPQ

Primecap Management Co. CA purchased a new stake in shares of HP Inc. (NYSE:HPQ) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 24,885,325 shares of the computer maker’s stock, valued at approximately $545,984,000. Primecap Management Co. CA owned 2.72% of HP as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HPQ. BlackRock Inc. purchased a new stake in HP during the second quarter valued at approximately $2,357,757,000. Legal & General Group Plc bought a new stake in shares of HP during the 2nd quarter valued at $180,689,000. DNB Asset Management AS grew its position in shares of HP by 242.2% during the 4th quarter. DNB Asset Management AS now owns 10,594,630 shares of the computer maker’s stock valued at $236,048,000 after acquiring an additional 7,498,202 shares during the period. Norges Bank purchased a new stake in shares of HP in the 4th quarter worth $149,309,000. Finally, Deutsche Bank AG bought a new position in HP in the 2nd quarter worth $140,172,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Stock Performance

Shares of HP stock opened at $29.56 on Wednesday. HP Inc. has a fifty-two week low of $17.56 and a fifty-two week high of $32.19. The company has a market capitalization of $27.04 billion, a P/E ratio of 10.91, a P/E/G ratio of 4.74 and a beta of 1.17. The company has a fifty day moving average of $25.96 and a 200 day moving average of $22.55.

HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, May 27th. The computer maker reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.14. HP had a negative return on equity of 581.36% and a net margin of 4.45%.The business had revenue of $14.41 billion for the quarter, compared to analysts’ expectations of $13.99 billion. During the same period last year, the firm earned $0.71 earnings per share. The business’s quarterly revenue was up 9.0% on a year-over-year basis. Analysts forecast that HP Inc. will post 3.03 EPS for the current year.

HP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 9th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, September 9th. This represents a $1.20 annualized dividend and a dividend yield of 4.1%. HP’s dividend payout ratio (DPR) is currently 44.28%.

Insider Transactions at HP

In related news, insider David P. Mcquarrie sold 21,048 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $29.98, for a total value of $631,019.04. Following the transaction, the insider directly owned 39,580 shares of the company’s stock, valued at approximately $1,186,608.40. The trade was a 34.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 52,620 shares of company stock worth $1,478,622. 0.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

HPQ has been the subject of several recent research reports. Bank of America boosted their price target on HP from $16.00 to $18.00 and gave the company an “underperform” rating in a report on Thursday, May 28th. Weiss Ratings raised HP from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Evercore set a $32.00 price objective on HP in a research report on Monday. TD Cowen boosted their price objective on HP from $20.00 to $26.00 and gave the company a “hold” rating in a research note on Thursday, May 28th. Finally, Wall Street Zen raised shares of HP from a “hold” rating to a “buy” rating in a report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $24.17.

HP Company Profile

HP Inc is an American multinational information technology company that designs, manufactures and sells personal computing devices, printers and related supplies and services. Its product portfolio spans consumer and commercial notebooks and desktops, workstations, displays and accessories, as well as an extensive line of printing hardware that includes home, office and production printers. HP also provides consumables such as ink and toner, managed print services, device deployment and lifecycle support, and software for device and print management.

Founded from the original Hewlett?Packard Company, HP Inc became a separately traded public company in 2015 following a corporate split that created Hewlett Packard Enterprise to focus on enterprise hardware and services.