Dai ichi Life Insurance Company Ltd Cuts Stock Position in HP Inc. (NYSE:HPQ)

Dai ichi Life Insurance Company Ltd cut its holdings in HP Inc. (NYSE:HPQ) by 78.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 90,133 shares of the computer maker’s stock after selling 330,000 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in HP were worth $3,233,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its holdings in shares of HP by 8.6% in the third quarter. The Manufacturers Life Insurance Company now owns 786,641 shares of the computer maker’s stock valued at $28,217,000 after purchasing an additional 62,346 shares in the last quarter. Truvestments Capital LLC purchased a new position in shares of HP in the third quarter valued at $81,000. DRW Securities LLC purchased a new position in shares of HP in the third quarter valued at $207,000. Independent Advisor Alliance grew its holdings in shares of HP by 426.3% in the third quarter. Independent Advisor Alliance now owns 38,378 shares of the computer maker’s stock valued at $1,377,000 after purchasing an additional 31,086 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in HP by 17.0% during the third quarter. Daiwa Securities Group Inc. now owns 119,442 shares of the computer maker’s stock worth $4,284,000 after buying an additional 17,335 shares during the period. 77.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HPQ has been the subject of several recent analyst reports. Loop Capital dropped their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. 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 note on Thursday, August 29th. Morgan Stanley dropped their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One equities research 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’s stock. Based on data from MarketBeat.com, HP currently has an average rating of “Hold” and a consensus target price of $35.45.

HP Trading Down 0.6 %

NYSE:HPQ opened at $39.08 on Wednesday. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79. The company has a market cap of $37.66 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The stock has a fifty day simple moving average of $36.56 and a 200-day simple moving average of $35.53.

HP (NYSE:HPQ) last released its quarterly earnings data on Tuesday, November 26th. The computer maker reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. The firm had revenue of $14.06 billion during the quarter, compared to the consensus estimate of $13.99 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. As a group, equities research analysts predict that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has approved a share buyback program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at HP

In related news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction dated Thursday, September 12th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

HP Company 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.