1,000,000 Shares in HP Inc. (NYSE:HPQ) Purchased by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of HP Inc. (NYSE:HPQ) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,000,000 shares of the computer maker’s stock, valued at approximately $35,870,000. Healthcare of Ontario Pension Plan Trust Fund owned 0.10% of HP at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in HPQ. Chris Bulman Inc purchased a new stake in HP in the 2nd quarter valued at about $88,000. Principal Financial Group Inc. boosted its position in HP by 16.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock valued at $41,391,000 after buying an additional 160,268 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in HP in the 2nd quarter valued at about $621,000. Cetera Investment Advisers boosted its position in HP by 154.7% in the 1st quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock valued at $3,309,000 after buying an additional 66,510 shares during the period. Finally, National Pension Service boosted its position in HP by 24.1% in the 3rd quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock valued at $77,579,000 after buying an additional 419,774 shares during the period. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Stock Down 11.4 %

NYSE HPQ opened at $34.66 on Thursday. The firm has a market cap of $33.40 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The company has a 50 day moving average price of $36.56 and a 200 day moving average price of $35.52. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.79.

HP (NYSE:HPQ) last posted its quarterly earnings data on Tuesday, November 26th. The computer maker reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. The firm had revenue of $14.06 billion during the quarter, compared to analyst estimates of $13.99 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. On average, equities research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

HP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a dividend of $0.2894 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Wednesday, December 11th. This is a positive change from HP’s previous quarterly dividend of $0.28. HP’s payout ratio is 38.60%.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were 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 approximately $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. UBS Group boosted their price objective on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Citigroup lowered their price target on shares of HP from $37.00 to $36.50 and set a “neutral” rating for the company in a research report on Wednesday. Loop Capital lowered their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Friday, September 27th. Finally, Barclays upped their price target on shares of HP from $32.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, HP currently has an average rating of “Hold” and an average target price of $36.32.

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.