M&G Plc Reduces Holdings in HP Inc. (NYSE:HPQ)

M&G Plc lowered its stake in HP Inc. (NYSE:HPQ) by 10.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 83,700 shares of the computer maker’s stock after selling 9,970 shares during the quarter. M&G Plc’s holdings in HP were worth $3,013,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of HPQ. Vanguard Group Inc. lifted its position in shares of HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after acquiring an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA lifted its holdings in HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of HP by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after purchasing an additional 1,089,848 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of HP by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after buying an additional 287,861 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of HP by 4.1% in the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock valued at $186,928,000 after buying an additional 213,116 shares during the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on HPQ. Barclays lowered their target price 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. UBS Group lifted their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Morgan Stanley reduced their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Friday, September 27th. Finally, JPMorgan Chase & Co. increased 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, HP currently has a consensus rating of “Hold” and a consensus target price of $35.55.

HP Stock Down 1.4 %

HPQ opened at $36.82 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 of $35.77 and a two-hundred day moving average of $34.67. The company has a market cap of $35.48 billion, a P/E ratio of 12.92, a P/E/G ratio of 2.53 and a beta of 1.07.

HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. During the same period last year, the company posted $0.86 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. Research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

HP Company 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.