Icon Wealth Advisors LLC Decreases Stake in HP Inc. (NYSE:HPQ)

Icon Wealth Advisors LLC cut its holdings in shares of HP Inc. (NYSE:HPQ) by 86.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,705 shares of the computer maker’s stock after selling 23,588 shares during the quarter. Icon Wealth Advisors LLC’s holdings in HP were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. LVW Advisors LLC raised its position in HP by 1.2% during the 3rd quarter. LVW Advisors LLC now owns 23,884 shares of the computer maker’s stock worth $857,000 after buying an additional 278 shares during the last quarter. Castleview Partners LLC raised its position in HP by 8.1% during the 3rd quarter. Castleview Partners LLC now owns 3,856 shares of the computer maker’s stock worth $138,000 after buying an additional 289 shares during the last quarter. Versant Capital Management Inc raised its position in HP by 5.9% during the 3rd quarter. Versant Capital Management Inc now owns 5,321 shares of the computer maker’s stock worth $191,000 after buying an additional 297 shares during the last quarter. King Luther Capital Management Corp grew its stake in shares of HP by 3.2% during the 3rd quarter. King Luther Capital Management Corp now owns 9,635 shares of the computer maker’s stock worth $346,000 after purchasing an additional 303 shares during the period. Finally, Arvest Investments Inc. grew its stake in shares of HP by 0.9% during the 3rd quarter. Arvest Investments Inc. now owns 34,355 shares of the computer maker’s stock worth $1,232,000 after purchasing an additional 310 shares during the period. 77.53% of the stock is owned by hedge funds and other institutional investors.

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 100.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Morgan Stanley dropped their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. UBS Group lifted their price target on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Bank of America 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 note on Friday, September 27th. 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 note on Tuesday, October 1st. Finally, Loop Capital dropped their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. One 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 stock. According to MarketBeat, HP presently has an average rating of “Hold” and a consensus target price of $35.45.

HP Trading Up 0.6 %

HP stock opened at $38.13 on Monday. The stock has a market cap of $36.75 billion, a PE ratio of 13.38, a P/E/G ratio of 2.61 and a beta of 1.07. The stock has a 50-day moving average price of $36.36 and a 200 day moving average price of $35.40. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52.

HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.86 EPS. On average, equities analysts predict that HP Inc. will post 3.39 EPS for the current year.

HP declared that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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.