Brighton Jones LLC Sells 2,232 Shares of HP Inc. (NYSE:HPQ)

Brighton Jones LLC reduced its holdings in shares of HP Inc. (NYSE:HPQ) by 10.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 19,158 shares of the computer maker’s stock after selling 2,232 shares during the period. Brighton Jones LLC’s holdings in HP were worth $687,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Triad Wealth Partners LLC bought a new stake in HP during the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in HP during the 2nd quarter valued at $34,000. Wolff Wiese Magana LLC raised its position in HP by 115.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in HP during the 3rd quarter valued at $37,000. Finally, DecisionPoint Financial LLC bought a new stake in HP during the 2nd quarter valued at $43,000. 77.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related 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 sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is owned by insiders.

HP Price Performance

NYSE:HPQ opened at $36.88 on Friday. The firm has a market cap of $35.54 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.07. The company has a 50 day moving average price of $35.48 and a 200-day moving average price of $34.04. HP Inc. has a 1-year low of $25.67 and a 1-year high of $39.52.

HP (NYSE:HPQ) last issued 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 company had revenue of $13.52 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. On average, sell-side analysts anticipate that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

A number of brokerages have weighed in on HPQ. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Tuesday, October 1st. Barclays cut their price target on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Loop Capital dropped their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Bank of America downgraded 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. 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 research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.55.

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.