HP Inc. (HPQ) Stake Reduced by Yacktman Asset Management LP
Yacktman Asset Management LP reduced its position in HP Inc. (NYSE:HPQ) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,900,028 shares of the computer maker’s stock after selling 120,615 shares during the period. HP comprises approximately 0.3% of Yacktman Asset Management LP’s investment portfolio, making the stock its 29th largest position. Yacktman Asset Management LP’s holdings in HP were worth $33,212,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of HPQ. Korea Investment CORP raised its position in shares of HP by 21.1% in the first quarter. Korea Investment CORP now owns 1,071,063 shares of the computer maker’s stock worth $19,151,000 after buying an additional 186,844 shares in the last quarter. First Manhattan Co. raised its position in shares of HP by 119.5% in the first quarter. First Manhattan Co. now owns 18,371 shares of the computer maker’s stock worth $285,000 after buying an additional 10,000 shares in the last quarter. Waldron LP purchased a new position in shares of HP during the first quarter worth approximately $288,000. Mn Services Vermogensbeheer B.V. raised its position in shares of HP by 2.6% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 45,627 shares of the computer maker’s stock worth $763,000 after buying an additional 1,136 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new position in shares of HP during the first quarter worth approximately $203,000. Hedge funds and other institutional investors own 79.90% of the company’s stock.
Shares of HP Inc. (NYSE HPQ) opened at 18.64 on Friday. The stock has a 50 day moving average of $18.65 and a 200-day moving average of $17.93. HP Inc. has a 52 week low of $13.55 and a 52 week high of $19.58. The firm has a market capitalization of $31.38 billion, a price-to-earnings ratio of 13.18 and a beta of 1.90.
HP (NYSE:HPQ) last announced its earnings results on Wednesday, May 24th. The computer maker reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. The business had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.93 billion. HP had a net margin of 4.94% and a negative return on equity of 68.86%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. Analysts expect that HP Inc. will post $1.65 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be given a dividend of $0.1327 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Tuesday, September 12th. HP’s dividend payout ratio (DPR) is currently 37.32%.
Several equities research analysts have recently weighed in on HPQ shares. BidaskClub raised shares of HP from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Credit Suisse Group reissued a “buy” rating and issued a $19.00 target price on shares of HP in a research report on Tuesday, May 23rd. Stifel Nicolaus reissued a “hold” rating and issued a $14.00 target price on shares of HP in a research report on Wednesday. Citigroup Inc. set a $20.00 target price on shares of HP and gave the stock a “buy” rating in a research report on Thursday, May 25th. Finally, BMO Capital Markets boosted their target price on shares of HP from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, May 25th. Nine investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $19.89.
In related news, COO Jon E. Flaxman sold 35,000 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $18.26, for a total transaction of $639,100.00. Following the completion of the sale, the chief operating officer now owns 62,203 shares in the company, valued at approximately $1,135,826.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marie Myers sold 12,119 shares of the firm’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $18.07, for a total transaction of $218,990.33. Following the completion of the sale, the insider now owns 5,621 shares of the company’s stock, valued at approximately $101,571.47. The disclosure for this sale can be found here. Insiders have sold a total of 1,748,815 shares of company stock valued at $32,623,560 in the last quarter. 0.62% of the stock is currently owned by corporate insiders.
HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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