Assetmark Inc. Boosts Stake in HP Inc. (NYSE:HPQ)

Assetmark Inc. grew its holdings in shares of HP Inc. (NYSE:HPQ) by 40.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 132,269 shares of the computer maker’s stock after acquiring an additional 38,331 shares during the quarter. Assetmark Inc.’s holdings in HP were worth $4,745,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Triad Wealth Partners LLC bought a new position in shares of HP in the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in HP in the second quarter valued at $34,000. Wolff Wiese Magana LLC raised its position in HP by 115.1% during the third 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 third quarter worth about $37,000. Finally, DecisionPoint Financial LLC purchased a new position in shares of HP in the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on HPQ shares. Morgan Stanley dropped their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Loop Capital cut their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. UBS Group lifted their target price 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. Barclays reduced their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. boosted their target price on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. One equities 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.55.

HP Stock Up 2.3 %

Shares of HPQ stock opened at $37.67 on Tuesday. The stock has a market cap of $36.30 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 2.52 and a beta of 1.07. The business’s fifty day moving average is $35.77 and its 200 day moving average is $34.77. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.52.

HP (NYSE:HPQ) last issued its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The firm’s revenue was up 2.4% compared to the same quarter last year. Equities research analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP announced that its board has approved a share buyback plan on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related 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 sale, 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 filing with the SEC, which is available at this hyperlink. Company insiders own 0.41% of the company’s stock.

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.