CIBC Asset Management Inc Has $5.08 Million Stake in HP Inc. (NYSE:HPQ)

CIBC Asset Management Inc trimmed its position in HP Inc. (NYSE:HPQ) by 4.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,953 shares of the computer maker’s stock after selling 6,977 shares during the quarter. CIBC Asset Management Inc’s holdings in HP were worth $5,076,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. WMG Financial Advisors LLC boosted its holdings in HP by 4.2% in the second quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after acquiring an additional 315 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in HP by 11.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock valued at $125,000 after acquiring an additional 372 shares during the last quarter. Jacobi Capital Management LLC boosted its holdings in HP by 1.2% in the first quarter. Jacobi Capital Management LLC now owns 34,228 shares of the computer maker’s stock valued at $1,034,000 after acquiring an additional 390 shares during the last quarter. Gables Capital Management Inc. boosted its holdings in HP by 7.9% in the fourth quarter. Gables Capital Management Inc. now owns 5,450 shares of the computer maker’s stock valued at $164,000 after acquiring an additional 400 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in HP by 1.6% in the second quarter. Whittier Trust Co. now owns 25,776 shares of the computer maker’s stock valued at $903,000 after acquiring an additional 402 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

HPQ has been the topic of several recent research reports. Morgan Stanley decreased their price target on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Barclays reduced their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. UBS Group raised their target price on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Wells Fargo & Company raised their target price on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.60.

Insiders Place Their Bets

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

HP Price Performance

NYSE:HPQ opened at $35.33 on Thursday. The business’s 50-day simple moving average is $35.46 and its 200-day simple moving average is $32.61. HP Inc. has a fifty-two week low of $25.22 and a fifty-two week high of $39.52. The stock has a market capitalization of $34.57 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 2.32 and a beta of 1.09.

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

HP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Wednesday, September 11th will be given a dividend of $0.2756 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, September 11th. HP’s dividend payout ratio (DPR) is 37.16%.

HP declared that its board has authorized a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.