Versor Investments LP Makes New Investment in HP Inc. (NYSE:HPQ)

Versor Investments LP acquired a new position in shares of HP Inc. (NYSE:HPQ) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 32,600 shares of the computer maker’s stock, valued at approximately $1,169,000.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after buying an additional 3,062,441 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in HP during the 2nd quarter worth approximately $62,672,000. DME Capital Management LP lifted its stake in shares of HP by 108.7% in the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after acquiring an additional 1,757,070 shares during the period. Primecap Management Co. CA boosted 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 acquiring an additional 1,319,731 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of HP by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after acquiring an additional 1,089,848 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Stock Up 2.3 %

Shares of NYSE HPQ opened at $37.67 on Tuesday. The stock’s 50-day simple moving average is $35.77 and its two-hundred day simple moving average is $34.77. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.52. The firm has a market capitalization of $36.30 billion, a P/E ratio of 13.22, a P/E/G ratio of 2.52 and a beta of 1.07.

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

HP declared that its board has initiated a stock repurchase 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 purchase up to 28.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on HPQ shares. Barclays decreased their target price 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. Morgan Stanley reduced their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Tuesday, October 1st. Loop Capital decreased their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Finally, UBS Group boosted their target price on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, HP has an average rating of “Hold” and a consensus target price of $35.55.

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.