Oppenheimer Asset Management Inc. Invests $255,000 in HP Inc. (NYSE:HPQ)

Oppenheimer Asset Management Inc. bought a new position in HP Inc. (NYSE:HPQ) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,289 shares of the computer maker’s stock, valued at approximately $255,000.

Other large investors have also recently made changes to their positions in the company. Treasurer of the State of North Carolina increased its stake in HP by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 401,809 shares of the computer maker’s stock worth $12,090,000 after acquiring an additional 4,102 shares during the last quarter. Chris Bulman Inc bought a new stake in HP during the second quarter worth approximately $88,000. Daiwa Securities Group Inc. increased its stake in HP by 27.5% during the first quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock worth $3,213,000 after acquiring an additional 22,909 shares during the last quarter. State of Alaska Department of Revenue increased its stake in HP by 85.9% during the first quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock worth $5,275,000 after acquiring an additional 80,670 shares during the last quarter. Finally, Swiss National Bank increased its stake in HP by 1.4% during the first quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock worth $85,193,000 after acquiring an additional 37,800 shares during the last quarter. 77.53% of the stock is owned by institutional investors.

HP Stock Performance

HP stock opened at $34.76 on Friday. The stock has a market cap of $34.01 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07. The stock has a 50-day moving average of $35.15 and a two-hundred day moving average of $33.04. HP Inc. has a one year low of $25.22 and a one year 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 for the quarter, missing the consensus estimate of $0.86 by ($0.03). The business had revenue of $13.52 billion during 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%. HP’s 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. As a group, sell-side analysts predict that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its board has approved a share buyback program on Wednesday, August 28th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HPQ. JPMorgan Chase & Co. boosted their price objective on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. TD Cowen boosted their target price on HP from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Wells Fargo & Company boosted their target price on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a research report on Thursday, May 30th. Barclays dropped their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Finally, 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.55.

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.