HP Inc. (NYSE:HPQ) Stake Reduced by Concentric Wealth Management LLC

Concentric Wealth Management LLC decreased its holdings in shares of HP Inc. (NYSE:HPQ) by 10.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 9,181 shares of the computer maker’s stock after selling 1,023 shares during the period. Concentric Wealth Management LLC’s holdings in HP were worth $329,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in HPQ. Ashton Thomas Securities LLC purchased a new position in HP in the 3rd quarter worth about $25,000. Triad Wealth Partners LLC acquired a new position in shares of HP in the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in HP in the second quarter valued at about $34,000. Wolff Wiese Magana LLC raised its stake in shares of HP by 115.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after purchasing an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of HP during the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 77.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. UBS Group raised their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Morgan Stanley decreased their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Loop Capital dropped their target price 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. Finally, Barclays decreased their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $35.45.

HP Price Performance

Shares of HPQ stock opened at $38.13 on Monday. HP Inc. has a one year low of $27.42 and a one year high of $39.52. The stock has a market cap of $36.75 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 2.62 and a beta of 1.07. The stock has a fifty day moving average price of $36.36 and a 200 day moving average price of $35.40.

HP (NYSE:HPQ) last issued its 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 firm had revenue of $13.52 billion during 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 firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.86 EPS. Equities research analysts anticipate that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has initiated a share repurchase plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction 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 directly owns 3 shares in the company, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

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.