Mackenzie Financial Corp Acquires 143,836 Shares of HP Inc. (NYSE:HPQ)

Mackenzie Financial Corp grew its stake in HP Inc. (NYSE:HPQ) by 111.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 273,027 shares of the computer maker’s stock after purchasing an additional 143,836 shares during the period. Mackenzie Financial Corp’s holdings in HP were worth $9,561,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. WMG Financial Advisors LLC grew its position in HP by 4.2% in the second quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after acquiring an additional 315 shares during the period. J.W. Cole Advisors Inc. grew its holdings in shares of HP by 2.9% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 12,296 shares of the computer maker’s stock worth $431,000 after purchasing an additional 345 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of HP by 11.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock worth $125,000 after purchasing an additional 372 shares in the last quarter. Jacobi Capital Management LLC increased its position 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 in the last quarter. Finally, Abich Financial Wealth Management LLC lifted its holdings in HP by 9.6% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 4,506 shares of the computer maker’s stock valued at $158,000 after purchasing an additional 395 shares during the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at HP

In other news, CEO Enrique Lores sold 211,501 shares of the company’s 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 is accessible through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on HPQ shares. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Loop Capital dropped their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Friday. UBS Group increased their target price on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lifted their price target on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.55.

HP Trading Up 1.3 %

HP stock opened at $35.88 on Tuesday. The company has a market cap of $35.11 billion, a PE ratio of 12.12, a PEG ratio of 2.35 and a beta of 1.07. The company’s 50-day moving average is $34.93 and its two-hundred day moving average is $33.28. HP Inc. has a 1 year low of $25.56 and a 1 year high of $39.52.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 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 analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. Research analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has initiated a share repurchase plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management 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.