Dai ichi Life Insurance Company Ltd Lowers Stake in HP Inc. (NYSE:HPQ)

Dai ichi Life Insurance Company Ltd lowered its stake in shares of HP Inc. (NYSE:HPQ) by 78.5% during the 3rd quarter, according to the company in its most recent 13F filing 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.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Primecap Management Co. CA grew its holdings in shares of HP by 6.2% during the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares during the last quarter. Pacer Advisors Inc. grew its holdings in HP by 11.4% in the 3rd quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock worth $508,791,000 after acquiring an additional 1,455,138 shares during the last quarter. Legal & General Group Plc grew its holdings in HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after acquiring an additional 1,089,848 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in HP by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after acquiring an additional 287,861 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in HP by 11.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock worth $241,876,000 after acquiring an additional 678,985 shares during the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Stock Performance

Shares of HPQ stock opened at $39.08 on Wednesday. The stock has a fifty day simple moving average of $36.56 and a two-hundred day simple moving average of $35.53. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.79. The firm has a market capitalization of $37.66 billion, a PE ratio of 13.71, a PEG ratio of 2.70 and a beta of 1.07.

HP (NYSE:HPQ) last issued its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company had revenue of $14.06 billion for the quarter, compared to the consensus estimate of $13.99 billion. During the same quarter last year, the company earned $0.90 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, sell-side analysts forecast that HP Inc. will post 3.39 EPS for the current fiscal year.

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

Insider Buying and Selling at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. This trade represents a 100.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. 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 research note 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 report on Tuesday, October 1st. 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 report on Thursday, August 29th. Loop Capital decreased their target price 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, JPMorgan Chase & Co. decreased their target price on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, HP currently has an average rating of “Hold” and an average price target of $35.45.

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.