Angeles Wealth Management LLC Invests $227,000 in HP Inc. (NYSE:HPQ)

Angeles Wealth Management LLC purchased a new stake in shares of HP Inc. (NYSE:HPQ) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 6,474 shares of the computer maker’s stock, valued at approximately $227,000.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in HP during the fourth quarter worth about $1,471,000. Principal Securities Inc. purchased a new position in shares of HP during the fourth quarter worth about $135,000. Cary Street Partners Investment Advisory LLC increased its position in shares of HP by 130.7% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 10,039 shares of the computer maker’s stock worth $302,000 after purchasing an additional 5,688 shares during the last quarter. Ieq Capital LLC raised its stake in HP by 3.3% in the fourth quarter. Ieq Capital LLC now owns 47,171 shares of the computer maker’s stock valued at $1,419,000 after purchasing an additional 1,511 shares in the last quarter. Finally, Checchi Capital Advisers LLC lifted its position in HP by 8.9% during the fourth quarter. Checchi Capital Advisers LLC now owns 12,198 shares of the computer maker’s stock valued at $367,000 after purchasing an additional 993 shares during the last quarter. Institutional investors own 77.53% of the company’s stock.

Insiders Place Their Bets

In other HP news, insider Alex Cho sold 173,137 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $36.11, for a total value of $6,251,977.07. Following the sale, the insider now owns 64,676 shares of the company’s stock, valued at approximately $2,335,450.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.41% of the company’s stock.

HP Stock Performance

HPQ stock opened at $33.37 on Thursday. HP Inc. has a 52 week low of $25.22 and a 52 week high of $39.52. The firm’s fifty day moving average is $35.36 and its 200 day moving average is $32.78. The firm has a market cap of $32.65 billion, a P/E ratio of 11.27, a P/E/G ratio of 2.26 and a beta of 1.07.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 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 business had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. During the same period in the prior year, the business posted $0.86 EPS. HP’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently commented on HPQ shares. UBS Group increased their price target on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Citigroup raised their price target 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 dropped their price target on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. TD Cowen increased their price objective on HP from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Finally, Loop Capital dropped their target price on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.55.

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.