Kentucky Retirement Systems Sells 1,186 Shares of HP Inc. (NYSE:HPQ)

Kentucky Retirement Systems decreased its stake in HP Inc. (NYSE:HPQ) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,036 shares of the computer maker’s stock after selling 1,186 shares during the period. Kentucky Retirement Systems’ holdings in HP were worth $2,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after purchasing an additional 3,062,441 shares during the last quarter. Schroder Investment Management Group raised its stake in HP by 1,472.4% during the fourth quarter. Schroder Investment Management Group now owns 2,264,081 shares of the computer maker’s stock worth $68,126,000 after buying an additional 2,120,096 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in HP in the second quarter valued at $62,672,000. DAVENPORT & Co LLC boosted its position in HP by 10,188.2% during the first quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock valued at $53,680,000 after acquiring an additional 1,760,631 shares during the last quarter. Finally, KBC Group NV grew its holdings in HP by 181.6% during the 4th quarter. KBC Group NV now owns 2,263,542 shares of the computer maker’s stock worth $68,110,000 after acquiring an additional 1,459,775 shares during the period. 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 HP 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 approximately $99.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

HP Trading Down 0.2 %

HP stock opened at $34.76 on Friday. The firm’s fifty day moving average price is $35.15 and its two-hundred day moving average price is $33.01. The firm has a market capitalization of $34.01 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07. HP Inc. has a 1-year low of $25.22 and a 1-year high of $39.52.

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

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wells Fargo & Company boosted their price objective on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a research note on Thursday, May 30th. UBS Group boosted their price target on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. TD Cowen boosted their target price on shares of HP from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Finally, Barclays reduced their price target 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, HP has an average rating of “Hold” and a consensus target price of $35.55.

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.