AE Wealth Management LLC Cuts Stock Position in HP Inc. (NYSE:HPQ)

AE Wealth Management LLC trimmed its position in shares of HP Inc. (NYSE:HPQ) by 19.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 368,376 shares of the computer maker’s stock after selling 89,648 shares during the quarter. AE Wealth Management LLC’s holdings in HP were worth $12,901,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of HPQ. WMG Financial Advisors LLC lifted its position in HP by 4.2% during the second quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after acquiring an additional 315 shares during the last quarter. J.W. Cole Advisors Inc. grew its stake in HP by 2.9% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 12,296 shares of the computer maker’s stock worth $431,000 after buying an additional 345 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in HP by 11.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock valued at $125,000 after buying an additional 372 shares in the last quarter. Jacobi Capital Management LLC raised its stake in HP by 1.2% in the first quarter. Jacobi Capital Management LLC now owns 34,228 shares of the computer maker’s stock valued at $1,034,000 after buying an additional 390 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in HP by 1.6% in the second quarter. Whittier Trust Co. now owns 25,776 shares of the computer maker’s stock worth $903,000 after acquiring an additional 402 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HPQ. Barclays cut their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. UBS Group lifted their price objective on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Loop Capital cut their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Citigroup lifted their price target on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Morgan Stanley cut their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.55.

HP Stock Performance

HPQ opened at $34.76 on Friday. The company has a fifty day moving average of $35.15 and a two-hundred day moving average of $33.01. HP Inc. has a fifty-two week low of $25.22 and a fifty-two week high of $39.52. The stock has a market capitalization of $34.01 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 2.23 and a beta of 1.07.

HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share 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 business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. During the same period in the previous year, the company posted $0.86 EPS. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

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

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.