Shelton Capital Management cut its holdings in HP Inc. (NYSE:HPQ – Free Report) by 90.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 10,323 shares of the computer maker’s stock after selling 102,999 shares during the quarter. Shelton Capital Management’s holdings in HP were worth $317,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cantor Fitzgerald Investment Advisor L.P boosted its stake in shares of HP by 89.9% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 873,243 shares of the computer maker’s stock valued at $31,698,000 after buying an additional 413,491 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of HP by 46.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 305,877 shares of the computer maker’s stock valued at $11,103,000 after acquiring an additional 97,178 shares during the period. Prudential PLC acquired a new stake in shares of HP during the 1st quarter worth $892,000. Cetera Investment Advisers increased its position in shares of HP by 6.8% in the first quarter. Cetera Investment Advisers now owns 17,651 shares of the computer maker’s stock worth $641,000 after purchasing an additional 1,121 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in HP in the first quarter valued at about $309,000. Institutional investors and hedge funds own 76.04% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on HPQ shares. Edward Jones upgraded shares of HP from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. StockNews.com upgraded shares of HP from a “buy” rating to a “strong-buy” rating in a research report on Friday. Morgan Stanley upped their target price on HP from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 11th. Evercore ISI reissued an “in-line” rating and set a $33.00 price target on shares of HP in a report on Monday. Finally, Citigroup upgraded HP from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $31.00 to $33.00 in a research report on Monday, November 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.82.
HP Price Performance
HP stock opened at $27.99 on Tuesday. The business has a 50 day moving average of $26.84 and a 200-day moving average of $29.56. The company has a market capitalization of $27.66 billion, a P/E ratio of 12.06, a P/E/G ratio of 2.35 and a beta of 1.04. HP Inc. has a 1 year low of $25.22 and a 1 year high of $33.90.
HP (NYSE:HPQ – Get Free Report) last announced its quarterly earnings results on Tuesday, August 29th. The computer maker reported $0.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.86. The firm had revenue of $13.20 billion during the quarter, compared to analysts’ expectations of $13.38 billion. HP had a net margin of 4.23% and a negative return on equity of 113.55%. The company’s revenue was down 9.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.04 EPS. Equities analysts anticipate that HP Inc. will post 3.3 EPS for the current year.
HP Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 13th will be given a $0.2756 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date is Tuesday, December 12th. This is a positive change from HP’s previous quarterly dividend of $0.26. HP’s payout ratio is 45.26%.
Insider Transactions at HP
In related news, CEO Enrique Lores sold 38,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $25.75, for a total value of $978,500.00. Following the sale, the chief executive officer now directly owns 728,268 shares in the company, valued at $18,752,901. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Marie Myers sold 4,165 shares of HP stock in a transaction on Friday, September 1st. The shares were sold at an average price of $30.00, for a total transaction of $124,950.00. Following the completion of the transaction, the chief financial officer now owns 22,281 shares of the company’s stock, valued at $668,430. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Enrique Lores sold 38,000 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $25.75, for a total transaction of $978,500.00. Following the sale, the chief executive officer now directly owns 728,268 shares in the company, valued at approximately $18,752,901. The disclosure for this sale can be found here. Insiders sold 14,457,179 shares of company stock worth $388,231,371 over the last ninety days. 0.32% of the stock is owned by insiders.
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.
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