Philip James Wealth Mangement LLC Acquires Shares of 396,004 HP Inc. (NYSE:HPQ)

Philip James Wealth Mangement LLC acquired a new position in HP Inc. (NYSE:HPQ) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 396,004 shares of the computer maker’s stock, valued at approximately $14,205,000. HP accounts for approximately 1.7% of Philip James Wealth Mangement LLC’s investment portfolio, making the stock its 9th biggest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Consolidated Planning Corp purchased a new position in HP in the 3rd quarter worth about $4,910,000. Olympiad Research LP bought a new position in HP in the 3rd quarter worth about $582,000. Principal Financial Group Inc. increased its position in shares of HP by 16.1% during the third quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock worth $41,391,000 after acquiring an additional 160,268 shares during the period. Montecito Bank & Trust raised its stake in shares of HP by 59.7% during the third quarter. Montecito Bank & Trust now owns 27,144 shares of the computer maker’s stock valued at $974,000 after acquiring an additional 10,145 shares in the last quarter. Finally, WoodTrust Financial Corp purchased a new stake in shares of HP in the third quarter valued at approximately $204,000. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated 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 owns 3 shares of the company’s stock, valued at $99.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on HPQ. Morgan Stanley reduced their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report 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 report on Friday, September 27th. UBS Group increased their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Tuesday, October 1st. Finally, Loop Capital dropped their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.55.

HP Price Performance

NYSE HPQ traded down $0.25 on Friday, hitting $37.09. The stock had a trading volume of 220,259 shares, compared to its average volume of 7,740,046. HP Inc. has a 52-week low of $27.01 and a 52-week high of $39.52. The business’s fifty day moving average price is $35.72 and its 200 day moving average price is $34.59. The stock has a market cap of $35.74 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 2.46 and a beta of 1.07.

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

HP announced that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board 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.