C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Purchases New Stake in HP Inc. (NYSE:HPQ)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of HP Inc. (NYSE:HPQ) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,000,000 shares of the computer maker’s stock, valued at approximately $65,260,000. HP accounts for 2.3% of C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ investment portfolio, making the stock its 8th biggest holding. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors owned about 0.21% of HP at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its position in shares of HP by 293.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 191,135 shares of the computer maker’s stock valued at $6,206,000 after purchasing an additional 142,501 shares during the last quarter. Wealth Advisors Northwest LLC acquired a new position in HP in the 4th quarter valued at $528,000. Community Bank & Trust Waco Texas increased its position in HP by 14.5% during the 4th quarter. Community Bank & Trust Waco Texas now owns 17,472 shares of the computer maker’s stock worth $570,000 after buying an additional 2,218 shares during the period. Sovran Advisors LLC acquired a new stake in shares of HP during the fourth quarter worth $993,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of HP in the fourth quarter valued at about $31,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on HPQ. Sanford C. Bernstein lifted their price objective on shares of HP from $32.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. lowered their target price on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. TD Cowen boosted their price target on HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Citigroup lowered their price objective on HP from $37.00 to $36.50 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Finally, HSBC cut HP from a “buy” rating to a “hold” rating and dropped their price objective for the company from $39.00 to $38.00 in a report on Friday, November 29th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $36.23.

Insider Activity at HP

In other news, CEO Enrique Lores sold 137,094 shares of HP stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $36.45, for a total transaction of $4,997,076.30. Following the sale, the chief executive officer now directly owns 89,272 shares of the company’s stock, valued at approximately $3,253,964.40. This trade represents a 60.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Alex Cho sold 10,298 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $34.32, for a total value of $353,427.36. Following the sale, the insider now owns 64,676 shares in the company, valued at approximately $2,219,680.32. This trade represents a 13.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 273,035 shares of company stock valued at $9,670,068 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

HP Stock Down 0.3 %

Shares of HPQ stock opened at $33.04 on Thursday. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79. The business has a fifty day simple moving average of $33.34 and a 200 day simple moving average of $34.88. The company has a market cap of $30.98 billion, a P/E ratio of 11.76, a P/E/G ratio of 2.78 and a beta of 1.05.

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, meeting analysts’ consensus estimates of $0.93. The company had revenue of $14.06 billion for the quarter, compared to the consensus estimate of $13.99 billion. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. As a group, equities research analysts anticipate that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 12th will be paid a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Wednesday, March 12th. HP’s payout ratio is 41.28%.

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.