Commerce Bank Buys 6,458 Shares of HP Inc. (NYSE:HPQ)

Commerce Bank increased its holdings in shares of HP Inc. (NYSE:HPQ) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,836 shares of the computer maker’s stock after purchasing an additional 6,458 shares during the period. Commerce Bank’s holdings in HP were worth $13,912,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Chris Bulman Inc bought a new position in shares of HP during the 2nd quarter valued at about $88,000. Principal Financial Group Inc. increased its position in shares of HP by 16.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock worth $41,391,000 after purchasing an additional 160,268 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in shares of HP during the 2nd quarter worth approximately $621,000. Cetera Investment Advisers increased its position in shares of HP by 154.7% during the 1st quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock worth $3,309,000 after purchasing an additional 66,510 shares during the last quarter. Finally, National Pension Service increased its holdings in shares of HP by 24.1% during the 3rd quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock worth $77,579,000 after acquiring an additional 419,774 shares during the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Stock Performance

Shares of NYSE:HPQ opened at $36.70 on Thursday. The business’s 50 day simple moving average is $36.17 and its two-hundred day simple moving average is $35.22. The firm has a market cap of $35.36 billion, a P/E ratio of 12.88, a PEG ratio of 2.51 and a beta of 1.07. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.52.

HP (NYSE:HPQ) last announced its quarterly 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). The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 EPS. On average, equities analysts forecast that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on HPQ. Morgan Stanley decreased their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Loop Capital reduced their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut their target price on HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday. Citigroup downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Tuesday, October 1st. Finally, Barclays dropped 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. One investment 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.45.

Insider Activity

In other news, CEO Enrique Lores sold 211,501 shares of the firm’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 value of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.