State of Michigan Retirement System Increases Stake in HP Inc. (NYSE:HPQ)

State of Michigan Retirement System increased its holdings in shares of HP Inc. (NYSE:HPQ) by 0.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 304,262 shares of the computer maker’s stock after buying an additional 800 shares during the period. State of Michigan Retirement System’s holdings in HP were worth $9,195,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in HPQ. Rosenberg Matthew Hamilton increased its stake in HP by 84.6% during the 4th quarter. Rosenberg Matthew Hamilton now owns 866 shares of the computer maker’s stock worth $26,000 after buying an additional 397 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in HP during the 4th quarter worth approximately $28,000. Sawyer & Company Inc grew its holdings in HP by 900.0% during the 1st quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker’s stock worth $30,000 after acquiring an additional 900 shares in the last quarter. Janiczek Wealth Management LLC grew its holdings in HP by 116.7% during the 4th quarter. Janiczek Wealth Management LLC now owns 1,051 shares of the computer maker’s stock worth $32,000 after acquiring an additional 566 shares in the last quarter. Finally, Rise Advisors LLC grew its holdings in HP by 377.9% during the 1st quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker’s stock worth $32,000 after acquiring an additional 839 shares in the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Stock Down 0.5 %

NYSE:HPQ traded down $0.17 during trading hours on Tuesday, reaching $34.80. 5,786,172 shares of the company’s stock were exchanged, compared to its average volume of 8,260,737. The firm has a market capitalization of $34.05 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 2.23 and a beta of 1.09. The company has a 50-day moving average of $32.86 and a 200 day moving average of $30.63. HP Inc. has a 1-year low of $25.22 and a 1-year high of $39.52.

HP (NYSE:HPQ) last issued its quarterly earnings results on Wednesday, May 29th. The computer maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.61 billion. HP had a net margin of 5.60% and a negative return on equity of 230.39%. HP’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.80 EPS. Research analysts forecast that HP Inc. will post 3.45 EPS for the current fiscal year.

HP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th will be issued a $0.2756 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.17%. HP’s dividend payout ratio is presently 37.16%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a report on Thursday, May 30th. Citigroup boosted their price target on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Barclays boosted their price target on shares of HP from $30.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Morgan Stanley boosted their price target on shares of HP from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of HP from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, HP presently has a consensus rating of “Moderate Buy” and an average target price of $34.64.

Insider Activity

In other news, insider Alex Cho sold 173,137 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $36.11, for a total value of $6,251,977.07. Following the completion of the transaction, the insider now owns 64,676 shares in the company, valued at approximately $2,335,450.36. The sale 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.

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.