HP Inc. (NYSE:HPQ) Stake Cut by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC reduced its holdings in HP Inc. (NYSE:HPQ) by 67.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,139 shares of the computer maker’s stock after selling 59,589 shares during the period. Lake Street Advisors Group LLC’s holdings in HP were worth $1,034,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of HPQ. Chris Bulman Inc bought a new position in shares of HP in the 2nd quarter valued at approximately $88,000. Daiwa Securities Group Inc. grew its holdings in shares of HP by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock worth $3,213,000 after purchasing an additional 22,909 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of HP by 85.9% during the 1st quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock worth $5,275,000 after purchasing an additional 80,670 shares in the last quarter. Swiss National Bank grew its holdings in shares of HP by 1.4% during the 1st quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock worth $85,193,000 after purchasing an additional 37,800 shares in the last quarter. Finally, Frank Rimerman Advisors LLC acquired a new stake in HP in the 2nd quarter valued at $621,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Stock Up 1.1 %

HPQ stock opened at $36.88 on Friday. HP Inc. has a twelve month low of $25.67 and a twelve month high of $39.52. The business has a fifty day moving average of $35.48 and a 200-day moving average of $34.04. The company has a market cap of $35.54 billion, a P/E ratio of 12.94, a PEG ratio of 2.64 and a beta of 1.07.

HP (NYSE:HPQ) last posted its 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 net margin of 5.33% and a negative return on equity of 266.37%. The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. As a group, equities research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the company. UBS Group boosted their price target on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Loop Capital decreased their price target 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. lifted their price objective on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Barclays cut their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Finally, Morgan Stanley cut their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.55.

Insider Buying and Selling at HP

In other HP 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 directly owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was 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. 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.