Charles Schwab Investment Management Inc. Purchases 678,985 Shares of HP Inc. (NYSE:HPQ)

Charles Schwab Investment Management Inc. raised its position in HP Inc. (NYSE:HPQ) by 11.2% in the 3rd quarter, Holdings Channel reports. The firm owned 6,743,122 shares of the computer maker’s stock after buying an additional 678,985 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in HP were worth $241,876,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Primecap Management Co. CA boosted its stake 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 period. Pacer Advisors Inc. grew its holdings in shares of HP by 11.4% during the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock worth $508,791,000 after purchasing an additional 1,455,138 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of HP by 11.3% during 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. Bank of New York Mellon Corp increased its position in shares of HP by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after purchasing an additional 287,861 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in HP by 4.1% in the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock valued at $186,928,000 after purchasing an additional 213,116 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Stock Up 0.6 %

Shares of HPQ opened at $38.13 on Friday. The stock has a market capitalization of $36.75 billion, a P/E ratio of 13.38, a PEG ratio of 2.61 and a beta of 1.07. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.52. The firm has a fifty day simple moving average of $36.36 and a two-hundred day simple moving average of $35.35.

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

HP declared that its board has initiated a stock 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 purchase up to 28.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other HP news, CEO Enrique Lores sold 211,501 shares of the company’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 owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their position. 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.

Analyst Ratings Changes

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

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.