Avidian Wealth Enterprises LLC Grows Stake in HP Inc. (NYSE:HPQ)

Avidian Wealth Enterprises LLC increased its holdings in shares of HP Inc. (NYSE:HPQ) by 4.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,734 shares of the computer maker’s stock after acquiring an additional 316 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in HP were worth $277,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in HPQ. Chris Bulman Inc purchased a new stake in shares of HP during the 2nd quarter worth approximately $88,000. Swiss National Bank lifted its position in HP by 1.4% in the first quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock valued at $85,193,000 after acquiring an additional 37,800 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new stake in HP in the second quarter valued at $621,000. Cetera Investment Advisers boosted its stake in HP by 154.7% in the first quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock valued at $3,309,000 after acquiring an additional 66,510 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of HP by 11.4% during the third quarter. State of Alaska Department of Revenue now owns 193,700 shares of the computer maker’s stock worth $6,947,000 after purchasing an additional 19,845 shares during the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

HP Stock Up 1.2 %

Shares of NYSE:HPQ opened at $37.35 on Friday. HP Inc. has a 52 week low of $27.01 and a 52 week high of $39.52. The company has a 50-day moving average price of $35.72 and a 200 day moving average price of $34.59. The company has a market cap of $35.99 billion, a P/E ratio of 13.10, a PEG ratio of 2.46 and a beta of 1.07.

HP (NYSE:HPQ) last posted 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). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. During the same period in the prior year, the business earned $0.86 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Analysts expect that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has authorized a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HPQ. UBS Group boosted their target price on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. 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 report on Friday, September 27th. JPMorgan Chase & Co. lifted their target price on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays decreased their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Finally, Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.55.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction dated 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by corporate insiders.

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.