Dai ichi Life Insurance Company Ltd Purchases 330,000 Shares of HP Inc. (NYSE:HPQ)

Dai ichi Life Insurance Company Ltd raised its position in HP Inc. (NYSE:HPQ) by 366.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 420,133 shares of the computer maker’s stock after purchasing an additional 330,000 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in HP were worth $14,713,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in HPQ. Sawyer & Company Inc boosted its position in HP by 900.0% during the 1st quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker’s stock worth $30,000 after buying an additional 900 shares during the period. Rise Advisors LLC lifted its holdings in shares of HP by 377.9% during the first quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker’s stock worth $32,000 after purchasing an additional 839 shares during the period. Triad Wealth Partners LLC bought a new position in HP during the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of HP in the 2nd quarter valued at about $34,000. Finally, Hantz Financial Services Inc. bought a new stake in shares of HP in the 2nd quarter valued at about $48,000. 77.53% of the stock is owned by institutional investors and hedge funds.

HP Price Performance

Shares of NYSE:HPQ opened at $33.32 on Friday. The company has a market capitalization of $32.11 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07. The business has a fifty day moving average price of $35.29 and a two-hundred day moving average price of $32.82. HP Inc. has a 1 year low of $25.22 and a 1 year high of $39.52.

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 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 company had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. During the same period in the prior year, the company earned $0.86 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. Sell-side analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

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

Insider Activity

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’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 approximately $99.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Alex Cho sold 173,137 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the sale, the insider now owns 64,676 shares of the company’s stock, valued at approximately $2,335,450.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

HPQ has been the topic of a number of recent analyst reports. Loop Capital cut their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. raised their price objective on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Morgan Stanley dropped their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Citigroup boosted their target price on HP from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Wells Fargo & Company raised their price objective on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.55.

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.