HP Inc. (NYSE:HPQ) is DME Capital Management LP’s 4th Largest Position

DME Capital Management LP grew its position in shares of HP Inc. (NYSE:HPQ) by 108.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,373,030 shares of the computer maker’s stock after buying an additional 1,757,070 shares during the quarter. HP makes up approximately 5.8% of DME Capital Management LP’s portfolio, making the stock its 4th largest holding. DME Capital Management LP’s holdings in HP were worth $118,124,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of HP by 2.6% in 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 buying an additional 3,062,441 shares during the last quarter. Schroder Investment Management Group increased its holdings in shares of HP by 1,472.4% in 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 purchasing an additional 2,120,096 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of HP during the second quarter worth $62,672,000. DAVENPORT & Co LLC grew its position in HP by 10,188.2% in the 1st quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock valued at $53,680,000 after buying an additional 1,760,631 shares during the last quarter. Finally, KBC Group NV increased its stake in HP by 181.6% in the 4th quarter. KBC Group NV now owns 2,263,542 shares of the computer maker’s stock valued at $68,110,000 after buying an additional 1,459,775 shares during the period. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insider Buying and Selling at HP

In related news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now 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 accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

HP Stock Performance

HP stock opened at $36.05 on Thursday. The company has a market cap of $35.28 billion, a P/E ratio of 12.18, a PEG ratio of 2.35 and a beta of 1.07. HP Inc. has a 1 year low of $25.22 and a 1 year high of $39.52. The firm’s 50-day moving average is $35.06 and its 200-day moving average is $33.13.

HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). The company had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS. As a group, sell-side analysts predict that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on HPQ shares. Bank of America upped their price objective on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Citigroup upped their target price on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. raised their price target on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Wells Fargo & Company upped their target price on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a research note on Thursday, May 30th. Finally, Loop Capital cut their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.55.

About HP

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.