Oppenheimer & Co. Inc. Reduces Position in HP Inc. (NYSE:HPQ)

Oppenheimer & Co. Inc. cut its stake in shares of HP Inc. (NYSE:HPQ) by 36.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 28,962 shares of the computer maker’s stock after selling 16,732 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in HP were worth $1,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. LVW Advisors LLC boosted its holdings in HP by 1.2% in the third quarter. LVW Advisors LLC now owns 23,884 shares of the computer maker’s stock valued at $857,000 after purchasing an additional 278 shares during the last quarter. Castleview Partners LLC boosted its holdings in HP by 8.1% in the third quarter. Castleview Partners LLC now owns 3,856 shares of the computer maker’s stock valued at $138,000 after purchasing an additional 289 shares during the last quarter. Versant Capital Management Inc boosted its holdings in HP by 5.9% in the third quarter. Versant Capital Management Inc now owns 5,321 shares of the computer maker’s stock valued at $191,000 after purchasing an additional 297 shares during the last quarter. Arvest Investments Inc. boosted its holdings in HP by 0.9% in the third quarter. Arvest Investments Inc. now owns 34,355 shares of the computer maker’s stock valued at $1,232,000 after purchasing an additional 310 shares during the last quarter. Finally, WMG Financial Advisors LLC boosted its holdings in HP by 4.2% in the second quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after purchasing an additional 315 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at HP

In other HP 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 sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by insiders.

HP Trading Up 1.9 %

HPQ stock opened at $37.43 on Tuesday. The company has a market cap of $36.07 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 2.51 and a beta of 1.07. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.52. The firm has a 50-day moving average of $36.03 and a two-hundred day moving average of $35.15.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 5.33% and a negative return on equity of 266.37%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 EPS. As a group, equities analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

HP announced 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 reacquire up to 28.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Friday, September 27th. Morgan Stanley lowered their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. UBS Group upped their price objective 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. Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Tuesday, October 1st. Finally, Loop Capital decreased their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, HP currently has an average rating of “Hold” and an average target price of $35.55.

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.