Kentucky Retirement Systems Acquires 3,136 Shares of HP Inc. (NYSE:HPQ)

Kentucky Retirement Systems boosted its holdings in HP Inc. (NYSE:HPQ) by 4.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,172 shares of the computer maker’s stock after acquiring an additional 3,136 shares during the quarter. Kentucky Retirement Systems’ holdings in HP were worth $2,445,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. UniSuper Management Pty Ltd raised its stake in HP by 35.5% in the first quarter. UniSuper Management Pty Ltd now owns 143,233 shares of the computer maker’s stock valued at $4,329,000 after purchasing an additional 37,529 shares in the last quarter. Lake Street Advisors Group LLC raised its position in shares of HP by 1,049.4% during the 1st quarter. Lake Street Advisors Group LLC now owns 90,240 shares of the computer maker’s stock valued at $2,752,000 after buying an additional 82,389 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of HP during the 1st quarter worth $160,000. Shell Asset Management Co. grew its position in HP by 14.1% in the first quarter. Shell Asset Management Co. now owns 68,833 shares of the computer maker’s stock worth $2,080,000 after acquiring an additional 8,520 shares in the last quarter. Finally, Vident Advisory LLC increased its stake in HP by 250.9% in the first quarter. Vident Advisory LLC now owns 182,217 shares of the computer maker’s stock valued at $5,507,000 after acquiring an additional 130,284 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors.

Insider Activity at HP

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction that occurred 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 in the company, valued at $99.48. This represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by insiders.

HP Stock Up 0.6 %

HPQ opened at $36.72 on Monday. The stock has a market cap of $35.39 billion, a PE ratio of 12.88, a PEG ratio of 2.51 and a beta of 1.07. The business has a 50 day moving average of $35.97 and a 200-day moving average of $35.08. HP Inc. has a 52 week low of $27.42 and a 52 week 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 (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the business posted $0.86 earnings per share. HP’s revenue for the quarter was up 2.4% on a year-over-year basis. Equities analysts anticipate that HP Inc. will post 3.39 EPS for the current year.

HP announced that its board has approved a share buyback program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to buy up to 28.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on HPQ shares. Barclays cut their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their price target on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. 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 report on Tuesday, October 1st. 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. Finally, Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Friday, September 27th. 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 data from MarketBeat.com, HP currently has a consensus rating of “Hold” and an average price target of $35.55.

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.