Caisse DE Depot ET Placement DU Quebec Sells 768,290 Shares of HP Inc. (NYSE:HPQ)

Caisse DE Depot ET Placement DU Quebec reduced its stake in shares of HP Inc. (NYSE:HPQ) by 65.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 411,252 shares of the computer maker’s stock after selling 768,290 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in HP were worth $14,752,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in HPQ. Wedge Capital Management L L P NC bought a new stake in HP during the second quarter worth approximately $62,672,000. DME Capital Management LP grew its stake in shares of HP by 108.7% during the second 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. grew its stake in shares of HP by 11.4% during the third 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 last quarter. Primecap Management Co. CA grew its stake in shares of 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 buying an additional 1,319,731 shares during the last quarter. Finally, Bridgewater Associates LP grew its stake in shares of HP by 2,649.5% during the third quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock valued at $47,298,000 after buying an additional 1,270,642 shares during the last quarter. 77.53% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.

HP Stock Up 2.2 %

HP stock opened at $35.43 on Monday. The business has a fifty day moving average of $36.57 and a two-hundred day moving average of $35.62. The firm has a market cap of $34.14 billion, a P/E ratio of 12.61, a P/E/G ratio of 2.46 and a beta of 1.07. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79.

HP (NYSE:HPQ) last posted its 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 company had revenue of $14.06 billion during the quarter, compared to analyst estimates of $13.99 billion. HP had a negative return on equity of 253.39% and a net margin of 5.18%. HP’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. Equities analysts expect that HP Inc. will post 3.53 earnings per share for the current year.

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

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 dividend of $0.2894 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.16 dividend on an annualized basis and a yield of 3.27%. This is a positive change from HP’s previous quarterly dividend of $0.28. HP’s dividend payout ratio is currently 39.15%.

Analysts Set New Price Targets

A number of research analysts have recently commented on HPQ shares. HSBC cut HP from a “buy” rating to a “hold” rating and cut their target price for the company from $39.00 to $38.00 in a research note on Friday. Bank of America 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 Friday, September 27th. Morgan Stanley cut their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Barclays upped their target price on HP from $32.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. cut their target price on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, HP currently has a consensus rating of “Hold” and a consensus price target of $36.77.

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.