HP Inc. (NYSE:HPQ) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lessened its stake in shares of HP Inc. (NYSE:HPQ) by 33.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,756 shares of the computer maker’s stock after selling 3,869 shares during the quarter. Pinnacle Associates Ltd.’s holdings in HP were worth $278,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. LVW Advisors LLC lifted its stake in shares of HP by 1.2% in the 3rd quarter. LVW Advisors LLC now owns 23,884 shares of the computer maker’s stock worth $857,000 after acquiring an additional 278 shares during the period. Castleview Partners LLC lifted its position in HP by 8.1% in the third quarter. Castleview Partners LLC now owns 3,856 shares of the computer maker’s stock valued at $138,000 after purchasing an additional 289 shares during the period. Versant Capital Management Inc boosted its holdings in HP by 5.9% in the 3rd quarter. Versant Capital Management Inc now owns 5,321 shares of the computer maker’s stock valued at $191,000 after purchasing an additional 297 shares in the last quarter. WMG Financial Advisors LLC increased its position in HP by 4.2% during the 2nd quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock worth $274,000 after purchasing an additional 315 shares during the period. Finally, Old Port Advisors raised its stake in shares of HP by 3.4% during the 3rd quarter. Old Port Advisors now owns 9,612 shares of the computer maker’s stock worth $345,000 after buying an additional 317 shares in the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HPQ has been the topic of a number of analyst reports. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Friday, September 27th. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Tuesday, October 1st. JPMorgan Chase & Co. boosted their price objective on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley dropped their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Finally, UBS Group boosted their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.55.

HP Price Performance

HP stock opened at $36.28 on Monday. The firm’s 50-day moving average is $35.65 and its two-hundred day moving average is $34.45. The stock has a market capitalization of $34.96 billion, a P/E ratio of 12.73, a P/E/G ratio of 2.59 and a beta of 1.07. HP Inc. has a 12-month low of $26.67 and a 12-month high of $39.52.

HP (NYSE:HPQ) last announced its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (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 analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. As a group, analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at HP

In related news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred 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 directly owns 3 shares in the company, valued at approximately $99.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

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.