New York State Teachers Retirement System Sells 7,116 Shares of HP Inc. (NYSE:HPQ)

New York State Teachers Retirement System reduced its holdings in shares of HP Inc. (NYSE:HPQ) by 0.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 888,046 shares of the computer maker’s stock after selling 7,116 shares during the period. New York State Teachers Retirement System owned about 0.09% of HP worth $31,854,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Argyle Capital Management Inc. grew its position in HP by 12.8% during the third quarter. Argyle Capital Management Inc. now owns 31,675 shares of the computer maker’s stock valued at $1,136,000 after acquiring an additional 3,600 shares during the last quarter. Diversify Advisory Services LLC bought a new position in HP during the third quarter valued at approximately $228,000. Integrated Advisors Network LLC grew its position in HP by 8.6% during the third quarter. Integrated Advisors Network LLC now owns 90,990 shares of the computer maker’s stock valued at $3,264,000 after acquiring an additional 7,230 shares during the last quarter. abrdn plc grew its position in HP by 1.7% during the third quarter. abrdn plc now owns 1,412,225 shares of the computer maker’s stock valued at $50,381,000 after acquiring an additional 23,319 shares during the last quarter. Finally, Old Port Advisors grew its position in HP by 3.4% during the third quarter. Old Port Advisors now owns 9,612 shares of the computer maker’s stock valued at $345,000 after acquiring an additional 317 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction 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 approximately $99.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on HPQ shares. Loop Capital cut their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Barclays cut their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Friday, September 27th. Finally, Morgan Stanley cut their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, HP currently has an average rating of “Hold” and a consensus price target of $35.55.

HP Stock Down 2.8 %

Shares of HPQ stock opened at $35.52 on Friday. The stock has a fifty day moving average of $35.64 and a 200 day moving average of $34.30. HP Inc. has a 52 week low of $25.95 and a 52 week high of $39.52. The firm has a market capitalization of $34.23 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.64 and a beta of 1.07.

HP (NYSE:HPQ) last announced its quarterly earnings data 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 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 quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 EPS. Equities research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

HP declared that its board has initiated a stock repurchase program on Wednesday, August 28th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the computer maker to buy up to 28.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors 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.