HBK Sorce Advisory LLC Increases Stock Holdings in HP Inc. (NYSE:HPQ)

HBK Sorce Advisory LLC lifted its stake in shares of HP Inc. (NYSE:HPQ) by 6.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,918 shares of the computer maker’s stock after purchasing an additional 753 shares during the quarter. HBK Sorce Advisory LLC’s holdings in HP were worth $417,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Treasurer of the State of North Carolina raised its position in HP by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 401,809 shares of the computer maker’s stock worth $12,090,000 after buying an additional 4,102 shares during the last quarter. Chris Bulman Inc acquired a new stake in HP in the second quarter valued at about $88,000. Daiwa Securities Group Inc. boosted its holdings in HP by 27.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock valued at $3,213,000 after purchasing an additional 22,909 shares in the last quarter. State of Alaska Department of Revenue increased its position in HP by 85.9% during the 1st quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock worth $5,275,000 after purchasing an additional 80,670 shares during the period. Finally, Swiss National Bank raised its stake in shares of HP by 1.4% during the 1st quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock worth $85,193,000 after buying an additional 37,800 shares in the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

HP Trading Up 0.7 %

NYSE:HPQ opened at $33.32 on Friday. The firm has a market cap 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. HP Inc. has a 12-month low of $25.22 and a 12-month high of $39.52. The company’s 50-day moving average is $35.29 and its two-hundred day moving average is $32.84.

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). The firm had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. On average, equities research analysts forecast that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has authorized a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at HP

In other HP news, insider Alex Cho sold 173,137 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,335,450.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related 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 value of $7,013,373.16. Following 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 filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alex Cho sold 173,137 shares of HP 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 completion of the transaction, the insider now owns 64,676 shares in the company, valued at approximately $2,335,450.36. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on HPQ. Loop Capital dropped their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Barclays lowered their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. TD Cowen raised their price objective on shares of HP from $30.00 to $32.00 and gave the company a “hold” rating in a research note on Thursday, May 30th. Morgan Stanley lowered their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.55.

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.