HP Inc. (NYSE:HPQ) Holdings Boosted by Glenmede Trust Co. NA

Glenmede Trust Co. NA grew its holdings in HP Inc. (NYSE:HPQ) by 201.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 480,829 shares of the computer maker’s stock after purchasing an additional 321,455 shares during the period. Glenmede Trust Co. NA’s holdings in HP were worth $17,247,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC acquired a new stake in HP during the 2nd quarter worth about $62,672,000. DME Capital Management LP boosted its holdings in shares of HP by 108.7% during the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after purchasing an additional 1,757,070 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of HP by 11.4% during the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock worth $508,791,000 after purchasing an additional 1,455,138 shares during the period. Primecap Management Co. CA grew its position in HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. Finally, Bridgewater Associates LP increased its stake in HP by 2,649.5% in the 3rd quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock valued at $47,298,000 after buying an additional 1,270,642 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Morgan Stanley lowered their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. UBS Group raised their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. TD Cowen boosted their price target on HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Loop Capital cut their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $36.32.

Insider Activity at HP

In other news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 3 shares in the company, valued at $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate insiders.

HP Stock Down 11.4 %

Shares of HP stock opened at $34.66 on Friday. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.79. The stock has a 50 day moving average price of $36.56 and a two-hundred day moving average price of $35.52. The stock has a market capitalization of $33.40 billion, a P/E ratio of 12.16, a PEG ratio of 2.70 and a beta of 1.07.

HP (NYSE:HPQ) last posted its quarterly earnings data 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 business had revenue of $14.06 billion during the quarter, compared to the consensus estimate of $13.99 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. Sell-side analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

HP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a dividend of $0.2894 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Wednesday, December 11th. This is a boost from HP’s previous quarterly dividend of $0.28. HP’s payout ratio is currently 38.60%.

HP declared that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

HP 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.