HP Inc. (NYSE:HPQ) Shares Purchased by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC raised its position in shares of HP Inc. (NYSE:HPQ) by 11.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 526,662 shares of the computer maker’s stock after purchasing an additional 53,341 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of HP worth $18,891,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of HPQ. Wedge Capital Management L L P NC acquired a new position in HP during the second quarter valued at $62,672,000. DME Capital Management LP raised its stake in shares of HP by 108.7% during the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after buying an additional 1,757,070 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of HP by 11.4% in the 3rd quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after buying an additional 1,455,138 shares during the period. Primecap Management Co. CA boosted its stake in shares of HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after buying an additional 1,319,731 shares during the last quarter. Finally, Bridgewater Associates LP grew its holdings in HP by 2,649.5% during the third quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock worth $47,298,000 after acquiring an additional 1,270,642 shares during the period. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Stock Up 0.9 %

Shares of HPQ opened at $36.79 on Wednesday. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.79. The stock has a market cap of $35.46 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 3.11 and a beta of 1.04. The firm’s fifty day moving average is $36.62 and its two-hundred day moving average is $35.70.

HP (NYSE:HPQ) last posted its quarterly earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. The firm had revenue of $14.06 billion for the quarter, compared to analyst estimates of $13.99 billion. HP had a net margin of 5.18% and a negative return on equity of 253.39%. HP’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. As a group, research analysts anticipate that HP Inc. will post 3.56 earnings per share for the current year.

HP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be issued a $0.2894 dividend. This is a boost from HP’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Wednesday, December 11th. HP’s dividend payout ratio is presently 39.15%.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HPQ. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Friday, September 27th. HSBC lowered shares of HP from a “buy” rating to a “hold” rating and dropped their price target for the company from $39.00 to $38.00 in a research report on Friday, November 29th. Hsbc Global Res downgraded shares of HP from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 29th. Morgan Stanley cut their price target 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. Finally, UBS Group increased their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $36.77.

Insiders Place Their Bets

In other news, insider Alex Cho sold 10,298 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $34.32, for a total value of $353,427.36. Following the completion of the sale, the insider now owns 64,676 shares of the company’s stock, valued at $2,219,680.32. This represents a 13.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Enrique Lores sold 211,501 shares of HP 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 sale, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. The trade was a 100.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

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.