Federated Hermes Inc. Grows Stock Holdings in HP Inc. (NYSE:HPQ)

Federated Hermes Inc. increased its position in shares of HP Inc. (NYSE:HPQ) by 23.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 453,375 shares of the computer maker’s stock after acquiring an additional 84,754 shares during the period. Federated Hermes Inc.’s holdings in HP were worth $15,877,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sawyer & Company Inc boosted its stake in shares of HP by 900.0% in the first quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker’s stock valued at $30,000 after purchasing an additional 900 shares during the period. Rise Advisors LLC grew its stake in shares of HP by 377.9% in the first quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker’s stock worth $32,000 after acquiring an additional 839 shares in the last quarter. Triad Wealth Partners LLC purchased a new stake in shares of HP during the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of HP in the second quarter valued at $34,000. Finally, Hantz Financial Services Inc. purchased a new position in HP in the second quarter valued at $48,000. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Price Performance

Shares of HP stock opened at $33.76 on Tuesday. The stock has a market capitalization of $33.04 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 2.23 and a beta of 1.07. The firm’s fifty day simple moving average is $35.26 and its 200-day simple moving average is $32.91. HP Inc. has a 12 month low of $25.22 and a 12 month high of $39.52.

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

HP announced that its board has approved a share repurchase program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Alex Cho sold 173,137 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the transaction, the insider now owns 64,676 shares of the company’s stock, valued at $2,335,450.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Enrique Lores sold 211,501 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on HPQ shares. Barclays decreased their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Citigroup raised their price objective on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Loop Capital dropped their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Morgan Stanley decreased their price target on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Finally, Bank of America increased their price objective on HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.55.

HP Company 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.