Swedbank AB Boosts Stock Position in HP Inc. (NYSE:HPQ)

Swedbank AB boosted its holdings in shares of HP Inc. (NYSE:HPQ) by 0.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 684,510 shares of the computer maker’s stock after purchasing an additional 1,811 shares during the period. Swedbank AB owned about 0.07% of HP worth $24,553,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Chris Bulman Inc purchased a new stake in HP in the second quarter worth $88,000. Principal Financial Group Inc. lifted its position in shares of HP by 16.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock worth $41,391,000 after purchasing an additional 160,268 shares during the period. Frank Rimerman Advisors LLC bought a new stake in shares of HP during the 2nd quarter valued at about $621,000. Cetera Investment Advisers increased its position in shares of HP by 154.7% during the first quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock valued at $3,309,000 after buying an additional 66,510 shares during the period. Finally, National Pension Service lifted its holdings in HP by 24.1% in the third quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock worth $77,579,000 after buying an additional 419,774 shares during the period. Institutional investors own 77.53% of the company’s stock.

HP Stock Performance

Shares of NYSE HPQ opened at $39.30 on Tuesday. The company has a market cap of $37.87 billion, a PE ratio of 13.79, a P/E/G ratio of 2.62 and a beta of 1.07. The firm’s 50 day moving average price is $36.47 and its 200-day moving average price is $35.46. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.79.

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

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

Insider Buying and Selling

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the sale, 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 legal filing with the SEC, which is available through this link. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on HPQ. Loop Capital reduced their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Morgan Stanley decreased their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating for the company 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 report on Tuesday, October 1st. UBS Group increased their price target on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Barclays lowered their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.45.

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.