Private Advisor Group LLC Reduces Position in HP Inc. (NYSE:HPQ)

Private Advisor Group LLC lessened its position in shares of HP Inc. (NYSE:HPQ) by 3.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 45,648 shares of the computer maker’s stock after selling 1,703 shares during the quarter. Private Advisor Group LLC’s holdings in HP were worth $1,637,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of HPQ. Vanguard Group Inc. grew its stake in shares of HP by 2.6% in 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 purchasing an additional 3,062,441 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of HP in the 2nd quarter valued at approximately $62,672,000. DAVENPORT & Co LLC grew its stake in shares of HP by 10,188.2% in the 1st quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock valued at $53,680,000 after purchasing an additional 1,760,631 shares during the last quarter. DME Capital Management LP grew its stake in shares of HP by 108.7% in the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after purchasing an additional 1,757,070 shares during the last quarter. Finally, Primecap Management Co. CA grew its stake in shares of HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares during the last quarter. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at HP

In other news, CEO Enrique Lores sold 211,501 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on HPQ. Barclays lowered their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Citigroup downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Tuesday, October 1st. Loop Capital decreased their price target on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Friday, September 27th. Finally, UBS Group lifted 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, HP has a consensus rating of “Hold” and an average price target of $35.55.

HP Stock Performance

Shares of HPQ stock opened at $36.54 on Thursday. The stock has a fifty day moving average price of $35.63 and a 200 day moving average price of $34.29. The stock has a market cap of $35.76 billion, a PE ratio of 12.34, a P/E/G ratio of 2.64 and a beta of 1.07. HP Inc. has a 1 year low of $25.95 and a 1 year high of $39.52.

HP (NYSE:HPQ) last issued its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 earnings per share. As a group, equities research analysts predict that HP Inc. will post 3.39 earnings per share for the current year.

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

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.