Valley Wealth Managers Inc. Decreases Holdings in HP Inc. (NYSE:HPQ)

Valley Wealth Managers Inc. trimmed its holdings in shares of HP Inc. (NYSE:HPQ) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,331 shares of the computer maker’s stock after selling 3,127 shares during the quarter. Valley Wealth Managers Inc.’s holdings in HP were worth $3,814,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in HPQ. Empirical Finance LLC grew its holdings in HP by 1.3% during the 3rd quarter. Empirical Finance LLC now owns 53,279 shares of the computer maker’s stock valued at $1,911,000 after purchasing an additional 696 shares during the last quarter. CIBC Asset Management Inc grew its holdings in HP by 15.6% during the 3rd quarter. CIBC Asset Management Inc now owns 167,533 shares of the computer maker’s stock valued at $6,009,000 after purchasing an additional 22,580 shares during the last quarter. Lifeworks Advisors LLC grew its stake in HP by 2.0% in the 3rd quarter. Lifeworks Advisors LLC now owns 70,787 shares of the computer maker’s stock worth $2,539,000 after acquiring an additional 1,416 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in HP by 11.3% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 27,714 shares of the computer maker’s stock worth $994,000 after acquiring an additional 2,812 shares in the last quarter. Finally, Metis Global Partners LLC grew its stake in HP by 2.9% in the 3rd quarter. Metis Global Partners LLC now owns 52,443 shares of the computer maker’s stock worth $1,881,000 after acquiring an additional 1,464 shares in the last quarter. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Trading Up 0.7 %

Shares of NYSE HPQ traded up $0.24 during midday trading on Friday, reaching $36.73. The company had a trading volume of 596,540 shares, compared to its average volume of 7,723,165. The business’s 50-day simple moving average is $35.91 and its 200 day simple moving average is $34.92. The stock has a market cap of $35.40 billion, a P/E ratio of 12.92, a P/E/G ratio of 2.52 and a beta of 1.07. HP Inc. has a 1 year low of $27.42 and a 1 year high of $39.52.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. Analysts predict that HP Inc. will post 3.39 earnings per share for the current year.

HP declared that its board has authorized a stock buyback program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group upped their target price 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. Loop Capital dropped their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their target price on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Bank of America downgraded 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 Friday, September 27th. 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 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $35.55.

Insider Activity at HP

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction dated 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 sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by company insiders.

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.