Asset Management Group Inc. Reduces Holdings in HP Inc. (NYSE:HPQ)

Asset Management Group Inc. lessened its holdings in HP Inc. (NYSE:HPQ) by 6.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,045 shares of the computer maker’s stock after selling 1,093 shares during the period. Asset Management Group Inc.’s holdings in HP were worth $597,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. WMG Financial Advisors LLC raised its stake in HP by 4.2% in the 2nd quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after purchasing an additional 315 shares during the last quarter. J.W. Cole Advisors Inc. boosted its position in HP by 2.9% during the second quarter. J.W. Cole Advisors Inc. now owns 12,296 shares of the computer maker’s stock worth $431,000 after acquiring an additional 345 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in HP by 11.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock worth $125,000 after acquiring an additional 372 shares during the period. Jacobi Capital Management LLC lifted 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 purchasing an additional 390 shares during the period. Finally, Whittier Trust Co. grew its position in shares of HP by 1.6% in the second quarter. Whittier Trust Co. now owns 25,776 shares of the computer maker’s stock valued at $903,000 after purchasing an additional 402 shares during the period. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wells Fargo & Company raised their price target on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a research note on Thursday, May 30th. Citigroup boosted their target price on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. 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 report on Friday, August 23rd. Barclays cut their target price 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. Finally, Morgan Stanley dropped their price target on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $35.55.

HP Stock Down 0.2 %

NYSE HPQ opened at $34.76 on Friday. HP Inc. has a fifty-two week low of $25.22 and a fifty-two week high of $39.52. The business has a 50 day moving average price of $35.15 and a two-hundred day moving average price of $33.01. The stock has a market cap of $34.01 billion, a PE ratio of 11.74, a P/E/G ratio of 2.23 and a beta of 1.07.

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 business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $0.86 earnings per share. Sell-side analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are 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.