Patton Albertson Miller Group LLC Sells 8,507 Shares of HP Inc. (NYSE:HPQ)

Patton Albertson Miller Group LLC decreased its holdings in HP Inc. (NYSE:HPQ) by 4.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 179,406 shares of the computer maker’s stock after selling 8,507 shares during the period. Patton Albertson Miller Group LLC’s holdings in HP were worth $6,435,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Wedge Capital Management L L P NC acquired a new stake in HP during the 2nd quarter worth about $62,672,000. DME Capital Management LP lifted its position in HP by 108.7% during the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after purchasing an additional 1,757,070 shares during the period. Pacer Advisors Inc. increased its holdings in HP by 11.4% during the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after buying an additional 1,455,138 shares during the last quarter. Primecap Management Co. CA increased its holdings in HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after buying an additional 1,319,731 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of HP by 11.3% in the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after purchasing an additional 1,089,848 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Price Performance

HP stock opened at $39.30 on Tuesday. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.79. The stock has a market capitalization of $37.87 billion, a P/E ratio of 13.79, a P/E/G ratio of 2.62 and a beta of 1.07. The firm’s 50-day moving average is $36.47 and its two-hundred day moving average is $35.46.

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). The business had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

HPQ has been the subject of several research analyst reports. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Tuesday, October 1st. UBS Group raised their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. decreased their price objective on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Friday, September 27th. Finally, Loop Capital cut their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $35.45.

Insider Buying and Selling

In other 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 completion of the transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

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.