Meyer Handelman Co. Reduces Stock Position in HP Inc. (NYSE:HPQ)

Meyer Handelman Co. lessened its stake in HP Inc. (NYSE:HPQ) by 8.0% in the third quarter, HoldingsChannel reports. The firm owned 226,264 shares of the computer maker’s stock after selling 19,780 shares during the period. Meyer Handelman Co.’s holdings in HP were worth $8,116,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in HP during the second quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in HP during the second quarter valued at approximately $34,000. Sawyer & Company Inc raised its position in HP by 900.0% in the first quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker’s stock worth $30,000 after acquiring an additional 900 shares during the period. Rise Advisors LLC boosted its stake in shares of HP by 377.9% during the 1st quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker’s stock worth $32,000 after acquiring an additional 839 shares during the last quarter. Finally, DecisionPoint Financial LLC bought a new stake in shares of HP during the 2nd quarter valued at $43,000. 77.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HPQ. UBS Group raised their target price on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Morgan Stanley decreased their price objective 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. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Friday, September 27th. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Tuesday, October 1st. Finally, Barclays decreased their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.55.

HP Stock Performance

Shares of NYSE HPQ opened at $37.02 on Friday. The company has a market cap of $36.23 billion, a P/E ratio of 12.51, a P/E/G ratio of 2.67 and a beta of 1.07. The firm’s fifty day moving average is $34.91 and its two-hundred day moving average is $33.61. HP Inc. has a 52-week low of $25.67 and a 52-week high of $39.52.

HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. During the same period in the previous year, the company posted $0.86 earnings per share. HP’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, analysts forecast that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its board has initiated a stock buyback program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at HP

In related news, CEO Enrique Lores sold 211,501 shares of the company’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 sale, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by insiders.

HP Company Profile

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.