E Fund Management Co. Ltd. Raises Stock Holdings in HP Inc. (NYSE:HPQ)

E Fund Management Co. Ltd. lifted its holdings in shares of HP Inc. (NYSE:HPQ) by 39.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,024 shares of the computer maker’s stock after purchasing an additional 2,812 shares during the quarter. E Fund Management Co. Ltd.’s holdings in HP were worth $351,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of HPQ. Janney Montgomery Scott LLC boosted its stake in HP by 10.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 134,941 shares of the computer maker’s stock worth $4,060,000 after buying an additional 12,378 shares in the last quarter. Norges Bank purchased a new stake in HP in the fourth quarter worth $187,264,000. BI Asset Management Fondsmaeglerselskab A S grew its stake in HP by 2.7% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 29,208 shares of the computer maker’s stock worth $879,000 after purchasing an additional 756 shares during the period. Wells Fargo & Company MN grew its stake in HP by 42.1% in the fourth quarter. Wells Fargo & Company MN now owns 1,672,097 shares of the computer maker’s stock worth $50,313,000 after purchasing an additional 495,332 shares during the period. Finally, Corient Private Wealth LLC grew its stake in HP by 0.4% in the fourth quarter. Corient Private Wealth LLC now owns 293,388 shares of the computer maker’s stock worth $8,828,000 after purchasing an additional 1,197 shares during the period. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on HPQ shares. JPMorgan Chase & Co. upped their price target on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. 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. Morgan Stanley lowered their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Citigroup raised their price objective on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Loop Capital decreased their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. One research 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.55.

Insiders Place Their Bets

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

HP Price Performance

HP stock opened at $34.53 on Thursday. The stock has a market capitalization of $33.79 billion, a PE ratio of 11.67, 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 business has a 50 day simple moving average of $35.21 and a 200-day simple moving average of $32.96.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. During the same period last year, the firm posted $0.86 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities research analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its board has initiated a stock buyback program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.