Rockland Trust Co. Lowers Stock Holdings in HP Inc. (NYSE:HPQ)

Rockland Trust Co. trimmed its holdings in shares of HP Inc. (NYSE:HPQ) by 3.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 304,073 shares of the computer maker’s stock after selling 12,075 shares during the period. Rockland Trust Co.’s holdings in HP were worth $10,907,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Triad Wealth Partners LLC acquired a new stake in shares of HP in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of HP during the second quarter valued at approximately $34,000. Sawyer & Company Inc lifted its position in shares of HP by 900.0% in the first quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker’s stock valued at $30,000 after acquiring an additional 900 shares in the last quarter. Rise Advisors LLC increased its position in shares of HP by 377.9% during the first quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker’s stock worth $32,000 after purchasing an additional 839 shares in the last quarter. Finally, DecisionPoint Financial LLC acquired a new position in HP in the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on HPQ shares. UBS Group upped their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Morgan Stanley dropped their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Friday, September 27th. Loop Capital dropped their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Finally, Barclays reduced their price objective 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.55.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’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 completion of the transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

HP Stock Performance

HP stock opened at $35.60 on Friday. HP Inc. has a fifty-two week low of $25.59 and a fifty-two week high of $39.52. The firm has a 50 day moving average price of $34.80 and a 200 day moving average price of $33.34. The company has a market capitalization of $34.84 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07.

HP (NYSE:HPQ) last announced 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 firm had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 earnings per share. As a group, equities research analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has authorized a share buyback program on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.