Rockland Trust Co. Increases Stake in HP Inc. (NYSE:HPQ)

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Rockland Trust Co. increased its holdings in HP Inc. (NYSE:HPQ) by 18.3% in the third quarter, Holdings Channel.com reports. The firm owned 234,711 shares of the computer maker’s stock after acquiring an additional 36,370 shares during the period. Rockland Trust Co.’s holdings in HP were worth $4,318,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in HPQ. Valeo Financial Advisors LLC grew its position in HP by 4.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 12,516 shares of the computer maker’s stock valued at $260,000 after purchasing an additional 502 shares during the last quarter. PagnatoKarp Partners LLC grew its position in HP by 4.4% during the 2nd quarter. PagnatoKarp Partners LLC now owns 14,284 shares of the computer maker’s stock valued at $299,000 after purchasing an additional 599 shares during the last quarter. Allstate Corp grew its position in HP by 0.4% during the 1st quarter. Allstate Corp now owns 166,885 shares of the computer maker’s stock valued at $3,243,000 after purchasing an additional 614 shares during the last quarter. Cornerstone Advisors Inc. grew its position in HP by 7.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 8,719 shares of the computer maker’s stock valued at $181,000 after purchasing an additional 632 shares during the last quarter. Finally, Kanawha Capital Management LLC grew its position in HP by 4.7% during the 2nd quarter. Kanawha Capital Management LLC now owns 15,356 shares of the computer maker’s stock valued at $319,000 after purchasing an additional 695 shares during the last quarter. 79.71% of the stock is owned by institutional investors.

In other news, insider Dion J. Weisler sold 437,171 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $18.01, for a total value of $7,873,449.71. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

Shares of NYSE HPQ traded up $0.53 during trading on Friday, reaching $16.56. 514,618 shares of the company traded hands, compared to its average volume of 15,367,981. The firm has a 50 day simple moving average of $18.26 and a 200-day simple moving average of $19.58. The stock has a market capitalization of $24.16 billion, a PE ratio of 8.20, a P/E/G ratio of 3.23 and a beta of 1.42. HP Inc. has a 52-week low of $15.93 and a 52-week high of $25.72.

HP (NYSE:HPQ) last issued its quarterly earnings data on Thursday, August 22nd. The computer maker reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. HP had a net margin of 7.18% and a negative return on equity of 265.02%. The firm had revenue of $14.60 billion for the quarter, compared to analysts’ expectations of $14.58 billion. During the same quarter in the prior year, the business earned $0.52 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. As a group, equities research analysts forecast that HP Inc. will post 2.21 EPS for the current fiscal year.

Several analysts recently commented on the stock. Morgan Stanley cut their price objective on shares of HP from $21.00 to $20.00 and set a “weight” rating on the stock in a research report on Friday, October 4th. Citigroup set a $20.00 price target on shares of HP and gave the company a “hold” rating in a report on Friday, August 23rd. Loop Capital downgraded shares of HP from a “buy” rating to a “hold” rating and dropped their price target for the company from $21.00 to $19.00 in a report on Friday, October 4th. Deutsche Bank began coverage on shares of HP in a report on Wednesday, June 19th. They set a “hold” rating and a $20.00 price target on the stock. Finally, Sanford C. Bernstein downgraded shares of HP from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a report on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company. HP currently has an average rating of “Hold” and an average price target of $19.73.

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.

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Institutional Ownership by Quarter for HP (NYSE:HPQ)

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