Advisors Asset Management Inc. Grows Holdings in HP Inc. (NYSE:HPQ)

Advisors Asset Management Inc. raised its position in HP Inc. (NYSE:HPQ) by 0.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 641,409 shares of the computer maker’s stock after buying an additional 2,120 shares during the period. Advisors Asset Management Inc. owned approximately 0.07% of HP worth $23,007,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in HP in the third quarter worth about $25,000. Triad Wealth Partners LLC acquired a new position in HP during the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in HP in the second quarter worth $34,000. Wolff Wiese Magana LLC lifted its stake in HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after buying an additional 518 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in shares of HP during the third quarter valued at $37,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on HPQ shares. Barclays cut their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. UBS Group upped their price objective on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Citigroup 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 Tuesday, October 1st. Morgan Stanley dropped their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped their price objective on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.45.

HP Stock Down 1.5 %

NYSE HPQ opened at $36.87 on Wednesday. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.52. The stock has a fifty day simple moving average of $36.10 and a 200 day simple moving average of $35.21. The company has a market capitalization of $35.53 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 2.51 and a beta of 1.07.

HP (NYSE:HPQ) last issued its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $13.37 billion. During the same period in the previous year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Research analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP announced that its board has authorized 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 reacquire up to 28.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at HP

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction on 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 approximately $99.48. The trade was a 100.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.

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.