HP Inc. (NYSE:HPQ) Shares Sold by Asset Management Group Inc.

Asset Management Group Inc. cut its stake in shares of HP Inc. (NYSE:HPQ) by 6.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,045 shares of the computer maker’s stock after selling 1,093 shares during the period. Asset Management Group Inc.’s holdings in HP were worth $597,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Summit Trail Advisors LLC raised its position in HP by 46.5% in the second quarter. Summit Trail Advisors LLC now owns 12,028 shares of the computer maker’s stock valued at $425,000 after purchasing an additional 3,816 shares during the period. Sei Investments Co. lifted its stake in HP by 0.4% during the 2nd quarter. Sei Investments Co. now owns 1,528,992 shares of the computer maker’s stock worth $53,549,000 after acquiring an additional 6,278 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in HP by 23.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 529,356 shares of the computer maker’s stock worth $18,538,000 after purchasing an additional 100,176 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in shares of HP by 0.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 134,119 shares of the computer maker’s stock valued at $4,697,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Trust Investment Advisors purchased a new stake in HP during the 2nd quarter worth approximately $205,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Bank of America boosted their price target on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. upped their price target on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Citigroup lifted their price objective on HP from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. UBS Group upped their target price 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. Finally, Wells Fargo & Company lifted their price target on shares of HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, HP presently has a consensus rating of “Hold” and an average price target of $35.55.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is owned by corporate insiders.

HP Trading Down 0.2 %

Shares of HPQ stock opened at $34.76 on Friday. The business’s 50 day moving average is $35.15 and its two-hundred day moving average is $33.01. HP Inc. has a twelve month low of $25.22 and a twelve month high of $39.52. The company has a market capitalization of $34.01 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07.

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 firm had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. As a group, equities analysts predict that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has authorized a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is 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.