AGF Management Ltd. Reduces Stock Position in HP Inc. (NYSE:HPQ)

AGF Management Ltd. decreased its position in HP Inc. (NYSE:HPQ) by 11.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,310 shares of the computer maker’s stock after selling 8,780 shares during the quarter. AGF Management Ltd.’s holdings in HP were worth $2,462,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sawyer & Company Inc increased its holdings in HP by 900.0% during the 1st quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker’s stock valued at $30,000 after purchasing an additional 900 shares during the period. Rise Advisors LLC grew its position in shares of HP by 377.9% in the 1st quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker’s stock worth $32,000 after buying an additional 839 shares during the last quarter. Triad Wealth Partners LLC purchased a new position in shares of HP during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of HP during the second quarter valued at approximately $34,000. Finally, Hantz Financial Services Inc. purchased a new stake in HP in the second quarter worth $48,000. 77.53% of the stock is owned by institutional investors.

HP Trading Up 0.7 %

HP stock opened at $33.32 on Friday. HP Inc. has a 12 month low of $25.22 and a 12 month high of $39.52. The company has a market capitalization of $32.11 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07. The business’s fifty day simple moving average is $35.29 and its two-hundred day simple moving average is $32.82.

HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 EPS 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 business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the company posted $0.86 earnings per share. On average, equities research analysts predict that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has initiated a share buyback 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 purchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other HP 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 sale, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alex Cho sold 173,137 shares of the firm’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 sale, the insider now directly owns 64,676 shares in the company, valued at approximately $2,335,450.36. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. TD Cowen upped their price objective on shares of HP from $30.00 to $32.00 and gave the stock a “hold” rating in a report on Thursday, May 30th. Bank of America increased their price target on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. UBS Group lifted their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Morgan Stanley decreased their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Finally, Barclays dropped their price target on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.