Primecap Management Co. CA Acquires Shares of 24,885,325 HP Inc. $HPQ

Primecap Management Co. CA acquired a new stake in shares of HP Inc. (NYSE:HPQ) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 24,885,325 shares of the computer maker’s stock, valued at approximately $545,984,000.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in HP by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 132,094,388 shares of the computer maker’s stock valued at $2,943,063,000 after buying an additional 2,435,634 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of HP during the 2nd quarter worth approximately $2,357,757,000. State Street Corp boosted its position in shares of HP by 5.3% during the 3rd quarter. State Street Corp now owns 52,703,639 shares of the computer maker’s stock valued at $1,450,245,000 after acquiring an additional 2,651,623 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of HP by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 27,313,924 shares of the computer maker’s stock valued at $607,373,000 after purchasing an additional 274,033 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of HP by 31.7% in the fourth quarter. Invesco Ltd. now owns 15,236,428 shares of the computer maker’s stock valued at $339,468,000 after purchasing an additional 3,671,511 shares in the last quarter. 77.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on HPQ. UBS Group upped their price target on shares of HP from $20.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, May 28th. Morgan Stanley reduced their target price on shares of HP from $19.00 to $17.00 and set an “underweight” rating on the stock in a report on Monday. The Goldman Sachs Group increased their price target on shares of HP from $19.00 to $21.00 and gave the company a “sell” rating in a report on Wednesday, August 12th. Barclays lifted their price target on HP from $16.00 to $19.00 and gave the stock an “underweight” rating in a research report on Thursday, May 28th. Finally, Citigroup boosted their price objective on HP from $20.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $24.17.

HP Stock Up 3.4%

HPQ stock opened at $29.56 on Wednesday. HP Inc. has a twelve month low of $17.56 and a twelve month high of $32.19. The stock has a market capitalization of $27.04 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 4.74 and a beta of 1.17. The firm’s fifty day simple moving average is $25.96 and its two-hundred day simple moving average is $22.55.

HP (NYSE:HPQ) last announced its earnings results on Wednesday, May 27th. The computer maker reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.14. The business had revenue of $14.41 billion for the quarter, compared to the consensus estimate of $13.99 billion. HP had a net margin of 4.45% and a negative return on equity of 581.36%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 earnings per share. As a group, equities research analysts expect that HP Inc. will post 3.03 EPS for the current year.

HP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 9th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, September 9th. HP’s dividend payout ratio is 44.28%.

Insider Transactions at HP

In other HP news, insider David P. Mcquarrie sold 21,048 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $29.98, for a total transaction of $631,019.04. Following the completion of the transaction, the insider owned 39,580 shares in the company, valued at $1,186,608.40. The trade was a 34.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 52,620 shares of company stock valued at $1,478,622 over the last ninety days. 0.18% of the stock is owned by company insiders.

HP Profile

HP Inc is an American multinational information technology company that designs, manufactures and sells personal computing devices, printers and related supplies and services. Its product portfolio spans consumer and commercial notebooks and desktops, workstations, displays and accessories, as well as an extensive line of printing hardware that includes home, office and production printers. HP also provides consumables such as ink and toner, managed print services, device deployment and lifecycle support, and software for device and print management.

Founded from the original Hewlett‑Packard Company, HP Inc became a separately traded public company in 2015 following a corporate split that created Hewlett Packard Enterprise to focus on enterprise hardware and services.