BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 75,022 Shares of HP Inc. (NYSE:HPQ)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in HP Inc. (NYSE:HPQ) by 66.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 187,413 shares of the computer maker’s stock after purchasing an additional 75,022 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in HP were worth $6,563,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in HPQ. Treasurer of the State of North Carolina grew its stake in HP by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 401,809 shares of the computer maker’s stock worth $12,090,000 after buying an additional 4,102 shares during the last quarter. Chris Bulman Inc purchased a new position in HP during the 2nd quarter worth $88,000. Daiwa Securities Group Inc. grew its stake in HP by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock worth $3,213,000 after buying an additional 22,909 shares during the last quarter. State of Alaska Department of Revenue grew its stake in HP by 85.9% during the 1st quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock worth $5,275,000 after buying an additional 80,670 shares during the last quarter. Finally, Swiss National Bank grew its stake in HP by 1.4% during the 1st quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock worth $85,193,000 after buying an additional 37,800 shares during the last quarter. 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 stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Morgan Stanley dropped their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Barclays dropped their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Bank of America boosted their price target on HP from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. boosted their price target on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, TD Cowen boosted their price target on HP from $30.00 to $32.00 and gave the company a “hold” rating in a research note on Thursday, May 30th. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $35.55.

HP Stock Up 2.2 %

Shares of HPQ opened at $36.85 on Friday. HP Inc. has a 52 week low of $25.22 and a 52 week high of $39.52. The company has a market capitalization of $36.06 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 2.35 and a beta of 1.07. The stock’s 50-day moving average price is $35.02 and its 200-day moving average price is $33.15.

HP (NYSE:HPQ) last released its quarterly earnings results 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). The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.86 EPS. As a group, equities analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 28th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

HP Company 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.