Drive Wealth Management LLC Acquires New Stake in HP Inc. (NYSE:HPQ)

Drive Wealth Management LLC purchased a new position in HP Inc. (NYSE:HPQ) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,814 shares of the computer maker’s stock, valued at approximately $205,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. LSV Asset Management raised its holdings in shares of HP by 3.3% in the first quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock valued at $383,028,000 after acquiring an additional 403,355 shares in the last quarter. Northern Trust Corp lifted its stake in HP by 0.4% in the fourth quarter. Northern Trust Corp now owns 10,172,444 shares of the computer maker’s stock worth $306,089,000 after acquiring an additional 40,884 shares during the period. Bank of New York Mellon Corp grew its holdings in HP by 3.5% during 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 in the last quarter. Finally, Norges Bank purchased a new position in HP during the 4th quarter valued at about $187,264,000. Institutional investors own 77.53% of the company’s stock.

HP Price Performance

Shares of HPQ opened at $36.18 on Monday. The company’s fifty day moving average price is $35.47 and its 200-day moving average price is $32.49. HP Inc. has a 1-year low of $25.22 and a 1-year high of $39.52. The firm has a market capitalization of $35.40 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 2.32 and a beta of 1.09.

HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.03). The firm had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 EPS. As a group, research analysts anticipate that HP Inc. will post 3.4 EPS for the current fiscal year.

HP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th will be paid a $0.2756 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.05%. HP’s payout ratio is 37.16%.

Wall Street Analyst Weigh In

HPQ has been the subject of several research reports. Wells Fargo & Company upped their price target on shares of HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. Citigroup increased their target price on HP from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Morgan Stanley decreased their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays cut their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, TD Cowen increased their price target on shares of HP from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, HP has an average rating of “Moderate Buy” and an average price target of $35.60.

Insider Activity at HP

In other news, insider Alex Cho sold 173,137 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the completion of the sale, the insider now owns 64,676 shares of the company’s stock, valued at $2,335,450.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by company insiders.

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.