Wedbush Securities Inc. Sells 2,559 Shares of HP Inc. (NYSE:HPQ)

Wedbush Securities Inc. lessened its position in shares of HP Inc. (NYSE:HPQ) by 16.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,045 shares of the computer maker’s stock after selling 2,559 shares during the period. Wedbush Securities Inc.’s holdings in HP were worth $457,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WMG Financial Advisors LLC lifted its position in shares of HP by 4.2% in the second quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock worth $274,000 after purchasing an additional 315 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of HP by 11.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock worth $125,000 after buying an additional 372 shares during the last quarter. Jacobi Capital Management LLC boosted its stake in shares of HP by 1.2% during the 1st quarter. Jacobi Capital Management LLC now owns 34,228 shares of the computer maker’s stock worth $1,034,000 after buying an additional 390 shares during the last quarter. Whittier Trust Co. grew its holdings in shares of HP by 1.6% in the 2nd 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 in the last quarter. Finally, Simplicity Wealth LLC increased its position in shares of HP by 2.3% in the second quarter. Simplicity Wealth LLC now owns 18,656 shares of the computer maker’s stock valued at $653,000 after acquiring an additional 412 shares during the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Stock Up 0.7 %

Shares of NYSE:HPQ 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 business has a 50 day moving average of $35.29 and a 200-day moving average of $32.82. The stock has a market cap of $32.11 billion, a PE ratio of 11.26, a P/E/G ratio of 2.23 and a beta of 1.07.

HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $0.86 earnings per share. Equities research analysts expect that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has initiated a stock buyback program on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on HPQ shares. Barclays decreased their price target on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. UBS Group boosted their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Bank of America increased their price target on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Loop Capital lowered their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, Citigroup raised their target price on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, HP presently has a consensus rating of “Hold” and an average price target of $35.55.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other HP news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction on 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 directly owns 3 shares of the company’s stock, valued at approximately $99.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alex Cho sold 173,137 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $36.11, for a total value of $6,251,977.07. Following the sale, the insider now directly owns 64,676 shares in the company, valued at $2,335,450.36. The disclosure for this sale can be found here. 0.41% of the stock is owned by insiders.

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.