Busey Bank Takes $209,000 Position in HP Inc. (NYSE:HPQ)

Busey Bank acquired a new stake in shares of HP Inc. (NYSE:HPQ) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,840 shares of the computer maker’s stock, valued at approximately $209,000.

Other hedge funds have also recently made changes to their positions in the company. Mainstay Capital Management LLC ADV boosted its holdings in HP by 0.7% during the third quarter. Mainstay Capital Management LLC ADV now owns 57,595 shares of the computer maker’s stock worth $2,066,000 after purchasing an additional 415 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in HP by 7.1% during the third quarter. Tectonic Advisors LLC now owns 55,699 shares of the computer maker’s stock worth $1,998,000 after purchasing an additional 3,688 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in HP by 621.8% during the third quarter. Assenagon Asset Management S.A. now owns 244,134 shares of the computer maker’s stock worth $8,757,000 after purchasing an additional 210,312 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in HP by 0.8% during the third quarter. IFM Investors Pty Ltd now owns 214,297 shares of the computer maker’s stock worth $7,687,000 after purchasing an additional 1,735 shares during the last quarter. Finally, Impact Partnership Wealth LLC boosted its holdings in HP by 65.9% during the third quarter. Impact Partnership Wealth LLC now owns 30,566 shares of the computer maker’s stock worth $1,096,000 after purchasing an additional 12,142 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

HP Stock Up 1.1 %

HP stock opened at $36.88 on Friday. The business has a 50-day simple moving average of $35.48 and a 200 day simple moving average of $34.04. HP Inc. has a 52 week low of $25.67 and a 52 week high of $39.52. The stock has a market cap of $35.54 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 2.64 and a beta of 1.07.

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

HP declared that its board has approved a stock buyback 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 reacquire up to 28.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on HPQ. Loop Capital cut their price target 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. Morgan Stanley lowered 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 report on Thursday, August 29th. Barclays lowered their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. UBS Group lifted their price objective on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.55.

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.