Avestar Capital LLC Grows Holdings in HP Inc. (NYSE:HPQ)

Avestar Capital LLC lifted its stake in HP Inc. (NYSE:HPQ) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,395 shares of the computer maker’s stock after acquiring an additional 913 shares during the quarter. Avestar Capital LLC’s holdings in HP were worth $445,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Primecap Management Co. CA grew its stake in shares of HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after buying an additional 1,319,731 shares in the last quarter. Pacer Advisors Inc. grew its position in HP by 11.4% in the 3rd quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after acquiring an additional 1,455,138 shares in the last quarter. Legal & General Group Plc increased its stake in HP by 11.3% during the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after purchasing an additional 1,089,848 shares during the period. Bank of New York Mellon Corp lifted its position in shares of HP by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after purchasing an additional 287,861 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of HP by 11.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock valued at $241,876,000 after purchasing an additional 678,985 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HPQ. JPMorgan Chase & Co. reduced their target price on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Barclays reduced their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Loop Capital lowered their target price on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Tuesday, October 1st. Finally, Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a report on Friday, September 27th. 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 stock. According to data from MarketBeat.com, HP has an average rating of “Hold” and a consensus target price of $35.45.

HP Trading Down 0.6 %

NYSE HPQ opened at $39.08 on Wednesday. The business’s 50 day moving average is $36.56 and its two-hundred day moving average is $35.53. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.79. The stock has a market capitalization of $37.66 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.70 and a beta of 1.07.

HP (NYSE:HPQ) last issued its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company had revenue of $14.06 billion during the quarter, compared to analysts’ expectations of $13.99 billion. During the same period last year, the company posted $0.90 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities analysts forecast that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Insider Transactions at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of HP 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. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

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.