Sumitomo Mitsui DS Asset Management Company Ltd Grows Position in HP Inc. (NYSE:HPQ)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in HP Inc. (NYSE:HPQ) by 3.2% during the third quarter, HoldingsChannel.com reports. The firm owned 106,892 shares of the computer maker’s stock after purchasing an additional 3,355 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in HP were worth $3,834,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC bought a new stake in shares of HP during the 4th quarter worth approximately $472,000. Park Avenue Securities LLC lifted its position in shares of HP by 8.2% during the first quarter. Park Avenue Securities LLC now owns 29,085 shares of the computer maker’s stock worth $879,000 after purchasing an additional 2,201 shares during the last quarter. Unison Advisors LLC boosted its stake in shares of HP by 0.9% during the first quarter. Unison Advisors LLC now owns 110,226 shares of the computer maker’s stock valued at $3,361,000 after purchasing an additional 1,011 shares during the period. Annex Advisory Services LLC bought a new position in shares of HP in the first quarter worth about $2,474,000. Finally, Riverview Trust Co purchased a new position in HP in the 1st quarter worth about $136,000. Institutional investors own 77.53% of the company’s stock.

HP Price Performance

Shares of HPQ stock opened at $37.28 on Monday. The company has a market cap of $36.48 billion, a P/E ratio of 12.59, a PEG ratio of 2.67 and a beta of 1.07. The stock’s 50-day moving average is $35.36 and its 200 day moving average is $33.91. HP Inc. has a 1-year low of $25.67 and a 1-year high of $39.52.

HP (NYSE:HPQ) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS. On average, analysts anticipate that HP Inc. will post 3.39 EPS for the current year.

HP declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to buy up to 28.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at HP

In other news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

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

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.