Edgestream Partners L.P. purchased a new stake in HP Inc. (NYSE:HPQ – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 47,488 shares of the computer maker’s stock, valued at approximately $1,458,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Cantor Fitzgerald Investment Advisor L.P grew its holdings in HP by 89.9% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 873,243 shares of the computer maker’s stock worth $31,698,000 after acquiring an additional 413,491 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of HP by 46.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 305,877 shares of the computer maker’s stock valued at $11,103,000 after buying an additional 97,178 shares during the period. Prudential PLC acquired a new position in shares of HP in the 1st quarter valued at $892,000. Cetera Investment Advisers grew its holdings in shares of HP by 6.8% in the 1st quarter. Cetera Investment Advisers now owns 17,651 shares of the computer maker’s stock valued at $641,000 after buying an additional 1,121 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of HP in the 1st quarter valued at $309,000. Institutional investors and hedge funds own 76.04% of the company’s stock.
Wall Street Analysts Forecast Growth
HPQ has been the subject of several research analyst reports. StockNews.com raised shares of HP from a “buy” rating to a “strong-buy” rating in a report on Friday. JPMorgan Chase & Co. cut their price objective on shares of HP from $40.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 30th. Citigroup raised shares of HP from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $31.00 to $33.00 in a research report on Monday, November 13th. Evercore ISI reaffirmed an “in-line” rating and issued a $33.00 price objective on shares of HP in a research report on Monday. Finally, Edward Jones raised shares of HP from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.82.
HP Price Performance
HP stock opened at $27.99 on Tuesday. The firm has a 50-day moving average of $26.84 and a 200-day moving average of $29.56. HP Inc. has a one year low of $25.22 and a one year high of $33.90. The company has a market cap of $27.66 billion, a price-to-earnings ratio of 12.06, a P/E/G ratio of 2.35 and a beta of 1.04.
HP (NYSE:HPQ – Get Free Report) last posted its quarterly earnings data on Tuesday, August 29th. The computer maker reported $0.86 EPS for the quarter, hitting analysts’ consensus estimates of $0.86. HP had a net margin of 4.23% and a negative return on equity of 113.55%. The company had revenue of $13.20 billion during the quarter, compared to the consensus estimate of $13.38 billion. During the same period in the prior year, the business posted $1.04 EPS. The company’s quarterly revenue was down 9.9% on a year-over-year basis. As a group, sell-side analysts expect that HP Inc. will post 3.3 earnings per share for the current year.
HP Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be paid a dividend of $0.2756 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.94%. This is an increase from HP’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, December 12th. HP’s dividend payout ratio is currently 45.26%.
Insider Transactions at HP
In related news, major shareholder Berkshire Hathaway Inc sold 938,968 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $29.59, for a total value of $27,784,063.12. Following the completion of the sale, the insider now directly owns 120,013,850 shares in the company, valued at approximately $3,551,209,821.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Enrique Lores sold 38,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $25.75, for a total value of $978,500.00. Following the completion of the sale, the chief executive officer now directly owns 728,268 shares in the company, valued at approximately $18,752,901. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 938,968 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $29.59, for a total transaction of $27,784,063.12. Following the completion of the sale, the insider now owns 120,013,850 shares of the company’s stock, valued at $3,551,209,821.50. The disclosure for this sale can be found here. Insiders sold a total of 14,457,179 shares of company stock worth $388,231,371 in the last three months. Insiders own 0.32% of the company’s stock.
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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