Sound Income Strategies LLC Cuts Holdings in HP Inc. (NYSE:HPQ)

Sound Income Strategies LLC lessened its position in shares of HP Inc. (NYSE:HPQ) by 28.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,124 shares of the computer maker’s stock after selling 450 shares during the period. Sound Income Strategies LLC’s holdings in HP were worth $40,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after purchasing an additional 3,062,441 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of HP in the second quarter worth $62,672,000. DAVENPORT & Co LLC lifted its holdings in shares of HP by 10,188.2% during the 1st quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock valued at $53,680,000 after acquiring an additional 1,760,631 shares in the last quarter. DME Capital Management LP boosted its position in HP by 108.7% during the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after purchasing an additional 1,757,070 shares during the period. Finally, Primecap Management Co. CA increased its holdings in 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 in the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research note on Tuesday, October 1st. UBS Group upped their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. lifted their price objective on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Loop Capital reduced their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, Morgan Stanley lowered their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.55.

HP Stock Up 1.2 %

NYSE:HPQ opened at $37.44 on Tuesday. The company has a market cap of $36.64 billion, a PE ratio of 12.65, a P/E/G ratio of 2.67 and a beta of 1.07. The business’s 50 day moving average is $35.00 and its two-hundred day moving average is $33.71. HP Inc. has a 52 week low of $25.67 and a 52 week high of $39.52.

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

HP announced that its board has authorized a share buyback plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

HP 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.