HP Inc. (NYSE:HPQ) Shares Acquired by Conning Inc.

Conning Inc. increased its stake in shares of HP Inc. (NYSE:HPQ) by 6.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,049,462 shares of the computer maker’s stock after buying an additional 63,434 shares during the quarter. Conning Inc.’s holdings in HP were worth $37,644,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of HP by 7.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,278,175 shares of the computer maker’s stock worth $68,846,000 after acquiring an additional 148,298 shares during the last quarter. Norden Group LLC acquired a new position in HP in the 1st quarter valued at about $665,000. Retirement Systems of Alabama boosted its stake in shares of HP by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 192,462 shares of the computer maker’s stock worth $5,816,000 after purchasing an additional 793 shares during the last quarter. J.W. Cole Advisors Inc. grew its holdings in shares of HP by 7.3% during the first quarter. J.W. Cole Advisors Inc. now owns 11,951 shares of the computer maker’s stock worth $361,000 after buying an additional 810 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in shares of HP by 5.5% in the first quarter. Private Advisor Group LLC now owns 80,940 shares of the computer maker’s stock valued at $2,446,000 after buying an additional 4,197 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Bank of America 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 report on Friday, September 27th. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a report on Tuesday, October 1st. Loop Capital reduced their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. UBS Group raised their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, HP currently has a consensus rating of “Hold” and an average target price of $35.55.

HP Stock Up 2.1 %

HPQ opened at $36.28 on Friday. HP Inc. has a 52-week low of $26.67 and a 52-week high of $39.52. The company has a 50 day moving average of $35.65 and a two-hundred day moving average of $34.40. The company has a market cap of $34.96 billion, a P/E ratio of 12.73, a P/E/G ratio of 2.59 and a beta of 1.07.

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

HP declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following 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 position. The transaction was disclosed in a legal filing with the SEC, 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.