HP Inc. (NYSE:HPQ) Stake Raised by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI lifted its holdings in shares of HP Inc. (NYSE:HPQ) by 55.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 12,695 shares of the computer maker’s stock after acquiring an additional 4,548 shares during the period. Citizens Financial Group Inc. RI’s holdings in HP were worth $448,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in HP during the 4th quarter valued at about $187,264,000. Vanguard Group Inc. increased its stake in shares of HP by 2.6% during the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after acquiring an additional 3,062,441 shares during the period. Schroder Investment Management Group increased its stake in shares of HP by 1,472.4% during the fourth quarter. Schroder Investment Management Group now owns 2,264,081 shares of the computer maker’s stock valued at $68,126,000 after acquiring an additional 2,120,096 shares during the period. Wedge Capital Management L L P NC bought a new stake in HP during the second quarter worth approximately $62,672,000. Finally, DAVENPORT & Co LLC lifted its position in HP by 10,188.2% in the first quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock worth $53,680,000 after purchasing an additional 1,760,631 shares during the period. 77.53% of the stock is owned by institutional investors.

Insider Buying and Selling

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

HP Stock Up 0.3 %

Shares of NYSE:HPQ opened at $34.53 on Thursday. The company’s fifty day moving average is $35.21 and its two-hundred day moving average is $32.96. The company has a market cap of $33.79 billion, a P/E 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.

HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share 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 analyst estimates of $13.37 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. UBS Group boosted their price objective on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Morgan Stanley dropped their price target 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. Citigroup raised their price objective on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Loop Capital dropped their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Finally, TD Cowen raised their target price on shares of HP from $30.00 to $32.00 and gave the stock a “hold” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus 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.