HP Inc. (NYSE:HPQ) Shares Sold by Empowered Funds LLC

Empowered Funds LLC decreased its position in shares of HP Inc. (NYSE:HPQ) by 54.8% during the third quarter, Holdings Channel.com reports. The firm owned 137,130 shares of the computer maker’s stock after selling 165,988 shares during the period. Empowered Funds LLC’s holdings in HP were worth $4,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Wedge Capital Management L L P NC acquired a new stake in HP during the second quarter valued at $62,672,000. DME Capital Management LP grew its position 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 acquiring an additional 1,757,070 shares during the period. Primecap Management Co. CA grew its position 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 acquiring an additional 1,319,731 shares during the period. Legal & General Group Plc raised 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 purchasing an additional 1,089,848 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new stake in shares of HP in the second quarter valued at approximately $38,044,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on HPQ shares. Loop Capital decreased their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research report on Tuesday, October 1st. JPMorgan Chase & Co. upped their price target on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. UBS Group lifted their price objective on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Bank of America lowered 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. 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. Based on data from MarketBeat, HP has an average rating of “Hold” and a consensus target price of $35.55.

HP Price Performance

Shares of HP stock opened at $36.72 on Monday. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.52. The stock has a market cap of $35.39 billion, a P/E ratio of 12.88, a P/E/G ratio of 2.51 and a beta of 1.07. The stock’s 50 day simple moving average is $35.97 and its 200-day simple moving average is $35.08.

HP (NYSE:HPQ) last issued 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). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the company earned $0.86 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, research analysts expect that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its board has authorized a share repurchase program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at HP

In related news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by insiders.

HP 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.