PNC Financial Services Group Inc. Has $14.79 Million Stock Holdings in HP Inc. (NYSE:HPQ)

PNC Financial Services Group Inc. lifted its stake in shares of HP Inc. (NYSE:HPQ) by 1.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 412,372 shares of the computer maker’s stock after purchasing an additional 4,028 shares during the quarter. PNC Financial Services Group Inc.’s holdings in HP were worth $14,792,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of HPQ. Ashton Thomas Securities LLC acquired a new stake in HP during the third quarter worth about $25,000. Triad Wealth Partners LLC acquired a new stake in shares of HP during the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in HP in the second quarter valued at approximately $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. Finally, ORG Wealth Partners LLC bought a new stake in HP during the third quarter worth $37,000. Institutional investors own 77.53% of the company’s stock.

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 directly owns 3 shares in the company, valued at $99.48. This represents a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

HP Price Performance

HPQ opened at $37.93 on Friday. HP Inc. has a fifty-two week low of $27.42 and a fifty-two week high of $39.52. The company’s 50 day moving average price is $36.26 and its two-hundred day moving average price is $35.24. The firm has a market capitalization of $36.55 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 2.52 and a beta of 1.07.

HP (NYSE:HPQ) last issued its quarterly earnings data 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 the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 EPS. As a group, equities research analysts predict that HP Inc. will post 3.39 EPS for the current year.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HPQ. Barclays decreased their price target 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. Bank of America cut shares of 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. Morgan Stanley decreased 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. Finally, JPMorgan Chase & Co. dropped their price objective on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, HP presently has a consensus rating of “Hold” and an average price target of $35.45.

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.