Kentucky Retirement Systems Insurance Trust Fund Purchases 1,136 Shares of HP Inc. (NYSE:HPQ)

Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in HP Inc. (NYSE:HPQ) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,973 shares of the computer maker’s stock after buying an additional 1,136 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in HP were worth $1,039,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Chris Bulman Inc bought a new position in shares of HP during the second quarter valued at $88,000. Principal Financial Group Inc. raised its position in 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 HP during the 2nd quarter worth about $621,000. Cetera Investment Advisers grew its position in shares of HP by 154.7% in the 1st quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock valued at $3,309,000 after buying an additional 66,510 shares during the last quarter. Finally, National Pension Service increased its stake in shares of HP by 24.1% in the third quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock valued at $77,579,000 after buying an additional 419,774 shares during the period. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Loop Capital cut their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their price objective on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Morgan Stanley lowered their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. 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. Finally, UBS Group lifted their price objective on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, HP has a consensus rating of “Hold” and a consensus price target of $35.55.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.41% of the company’s stock.

HP Price Performance

Shares of HP stock opened at $36.72 on Monday. The business has a 50-day simple moving average of $35.97 and a 200 day simple moving average of $35.08. HP Inc. has a one year low of $27.42 and a one year high of $39.52. The firm has a market capitalization of $35.39 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.51 and a beta of 1.07.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 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 firm had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter in the prior year, the firm earned $0.86 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. On average, sell-side analysts expect that HP Inc. will post 3.39 EPS for the current year.

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

About HP

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.