Seven Eight Capital LP Purchases New Position in HP Inc. (NYSE:HPQ)

Seven Eight Capital LP acquired a new stake in HP Inc. (NYSE:HPQ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 20,021 shares of the computer maker’s stock, valued at approximately $701,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after acquiring an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA grew its holdings in shares of HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after purchasing an additional 1,319,731 shares during the last quarter. LSV Asset Management increased its stake in shares of HP by 3.3% in the first quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock valued at $383,028,000 after buying an additional 403,355 shares during the period. Northern Trust Corp increased its stake in shares of HP by 0.4% in the fourth quarter. Northern Trust Corp now owns 10,172,444 shares of the computer maker’s stock valued at $306,089,000 after buying an additional 40,884 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in HP by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after buying an additional 287,861 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

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 transaction of $7,013,373.16. Following the completion of the sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by insiders.

HP Trading Down 0.2 %

NYSE:HPQ opened at $34.76 on Friday. HP Inc. has a 12 month low of $25.22 and a 12 month 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. The firm has a fifty day simple moving average of $35.15 and a two-hundred day simple moving average of $33.04.

HP (NYSE:HPQ) last issued its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). The firm had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.86 earnings per share. 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 share buyback plan on Wednesday, August 28th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have issued reports on HPQ. JPMorgan Chase & Co. upped their price target on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Bank of America raised their target price on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. 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 research note on Thursday, August 29th. Citigroup lifted their price objective on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Loop Capital decreased their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.55.

About HP

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.