Prestige Wealth Management Group LLC Cuts Stake in HP Inc. (NYSE:HPQ)

Prestige Wealth Management Group LLC trimmed its position in shares of HP Inc. (NYSE:HPQ) by 27.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,350 shares of the computer maker’s stock after selling 500 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in HP were worth $49,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in HP during the 3rd quarter valued at about $25,000. Triad Wealth Partners LLC purchased a new stake in HP during the 2nd quarter valued at about $33,000. Wolff Wiese Magana LLC grew its position in HP by 115.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in HP during the 3rd quarter valued at about $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in HP during the 3rd quarter valued at about $40,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Stock Down 4.1 %

Shares of NYSE:HPQ opened at $34.94 on Wednesday. The firm’s 50 day moving average price is $36.64 and its 200-day moving average price is $35.80. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79. The stock has a market capitalization of $33.67 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 3.09 and a beta of 1.04.

HP (NYSE:HPQ) last released its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. The company had revenue of $14.06 billion during the quarter, compared to analyst estimates of $13.99 billion. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. Analysts expect that HP Inc. will post 3.56 earnings per share for the current fiscal year.

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

HP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be issued a $0.2894 dividend. This represents a $1.16 annualized dividend and a yield of 3.31%. This is a positive change from HP’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, December 11th. HP’s dividend payout ratio is currently 40.93%.

Insider Buying and Selling

In other HP news, insider Alex Cho sold 10,298 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $34.32, for a total transaction of $353,427.36. Following the completion of the sale, the insider now directly owns 64,676 shares of the company’s stock, valued at $2,219,680.32. This trade represents a 13.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Enrique Lores sold 137,094 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $36.45, for a total transaction of $4,997,076.30. Following the sale, the chief executive officer now directly owns 89,272 shares of the company’s stock, valued at approximately $3,253,964.40. This trade represents a 60.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 358,893 shares of company stock valued at $12,363,877. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Barclays upped their target price on shares of HP from $32.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. TD Cowen upped their target price on shares of HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Friday, September 27th. Hsbc Global Res cut shares of HP from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 29th. Finally, HSBC cut shares of HP from a “buy” rating to a “hold” rating and lowered their target price for the company from $39.00 to $38.00 in a research note on Friday, November 29th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $36.77.

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.