HP Inc. (NYSE:HPQ) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. lessened its holdings in shares of HP Inc. (NYSE:HPQ) by 11.4% in the second quarter, Holdings Channel.com reports. The firm owned 12,729,168 shares of the computer maker’s stock after selling 1,634,754 shares during the period. HP comprises 1.0% of Pacer Advisors Inc.’s portfolio, making the stock its 21st largest holding. Pacer Advisors Inc.’s holdings in HP were worth $445,775,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of HP by 23.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 529,356 shares of the computer maker’s stock valued at $18,538,000 after buying an additional 100,176 shares during the last quarter. Public Employees Retirement Association of Colorado raised its holdings in HP by 0.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 134,119 shares of the computer maker’s stock valued at $4,697,000 after acquiring an additional 1,200 shares in the last quarter. Trust Investment Advisors bought a new position in HP during the 2nd quarter valued at $205,000. Ieq Capital LLC grew its holdings in HP by 22.3% during the 2nd quarter. Ieq Capital LLC now owns 60,524 shares of the computer maker’s stock worth $2,120,000 after acquiring an additional 11,038 shares in the last quarter. Finally, Brighton Jones LLC increased its position in shares of HP by 2.5% in the 2nd quarter. Brighton Jones LLC now owns 21,390 shares of the computer maker’s stock worth $749,000 after purchasing an additional 521 shares during the last quarter. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Stock Performance

HP stock opened at $34.76 on Friday. The firm has a market capitalization of $34.01 billion, a P/E ratio of 11.74, a P/E/G ratio of 2.23 and a beta of 1.07. The company has a 50-day simple moving average of $35.15 and a 200-day simple moving average of $33.01. HP Inc. has a one year low of $25.22 and a one year high of $39.52.

HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 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 analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 EPS. As a group, sell-side analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

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

Analysts Set New Price Targets

HPQ has been the subject of a number of research reports. JPMorgan Chase & Co. lifted 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. Loop Capital decreased their target price on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Wells Fargo & Company raised their price objective on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a research note on Thursday, May 30th. TD Cowen boosted their target price 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. Finally, UBS Group raised their price target on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.55.

Insider Activity

In related news, CEO Enrique Lores sold 211,501 shares of the 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 completion of the sale, 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 document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate 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.