ProShare Advisors LLC Has $15.73 Million Stake in HP Inc. (NYSE:HPQ)

ProShare Advisors LLC reduced its stake in shares of HP Inc. (NYSE:HPQ) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 449,285 shares of the computer maker’s stock after selling 8,278 shares during the quarter. ProShare Advisors LLC’s holdings in HP were worth $15,734,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of HPQ. WMG Financial Advisors LLC grew its holdings 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 purchasing an additional 315 shares during the period. J.W. Cole Advisors Inc. raised 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 period. Massmutual Trust Co. FSB ADV lifted its holdings in HP by 11.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock worth $125,000 after acquiring an additional 372 shares in the last quarter. Jacobi Capital Management LLC grew 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 acquiring an additional 390 shares during the period. Finally, Whittier Trust Co. increased its holdings in shares of 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 owned by institutional investors.

HP Stock Up 1.0 %

HPQ stock opened at $35.10 on Tuesday. HP Inc. has a twelve month low of $25.22 and a twelve month high of $39.52. The company has a market cap of $34.35 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 2.23 and a beta of 1.07. The business has a 50 day moving average price of $35.10 and a two-hundred day moving average price of $33.09.

HP (NYSE:HPQ) last issued its 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). The firm had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 earnings per share. On average, equities research analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. 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 report on Thursday, August 29th. Citigroup raised their price objective on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. TD Cowen upped their target price on shares of HP from $30.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday, May 30th. Morgan Stanley dropped their price target on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Finally, Loop Capital reduced their price objective on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.55.

Insider Activity

In related news, 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 sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

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.