Beacon Financial Advisory LLC Reduces Stock Position in HP Inc. (NYSE:HPQ)

Beacon Financial Advisory LLC reduced its holdings in shares of HP Inc. (NYSE:HPQ) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,068 shares of the computer maker’s stock after selling 356 shares during the quarter. Beacon Financial Advisory LLC’s holdings in HP were worth $792,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Triad Wealth Partners LLC acquired a new position in HP in the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of HP in the 2nd quarter valued at $34,000. Wolff Wiese Magana LLC grew its position in shares of HP by 115.1% in the 3rd 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. ORG Wealth Partners LLC acquired a new stake in HP during the 3rd quarter worth $37,000. Finally, DecisionPoint Financial LLC purchased a new stake in HP in the second quarter valued at $43,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insider Activity

In other HP 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 owns 3 shares in the company, valued at $99.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. UBS Group lifted their target price on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Friday, September 27th. Morgan Stanley cut their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock 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 price target for the company. in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $35.55.

HP Stock Performance

Shares of NYSE HPQ opened at $36.64 on Wednesday. HP Inc. has a one year low of $27.01 and a one year high of $39.52. The firm has a market capitalization of $35.31 billion, a P/E ratio of 12.86, a PEG ratio of 2.48 and a beta of 1.07. The company’s fifty day moving average is $35.68 and its two-hundred day moving average is $34.57.

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 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 firm had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, sell-side analysts forecast that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP announced that its Board of Directors has authorized a share buyback plan 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 plans are generally a sign that the company’s management believes its shares are undervalued.

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.