AdvisorNet Financial Inc Reduces Stock Position in HP Inc. (NYSE:HPQ)

AdvisorNet Financial Inc lowered its stake in shares of HP Inc. (NYSE:HPQGet Rating) by 31.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,495 shares of the computer maker’s stock after selling 2,500 shares during the period. AdvisorNet Financial Inc’s holdings in HP were worth $180,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in HPQ. BlackRock Inc. increased its holdings in shares of HP by 0.6% in the first quarter. BlackRock Inc. now owns 101,201,027 shares of the computer maker’s stock worth $3,673,596,000 after purchasing an additional 573,468 shares during the period. State Street Corp increased its holdings in shares of HP by 1.7% in the first quarter. State Street Corp now owns 57,873,437 shares of the computer maker’s stock worth $2,115,148,000 after purchasing an additional 980,653 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of HP by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 13,405,197 shares of the computer maker’s stock worth $486,668,000 after purchasing an additional 59,904 shares during the period. Norges Bank bought a new position in shares of HP in the fourth quarter worth $454,451,000. Finally, Los Angeles Capital Management LLC increased its holdings in shares of HP by 41.6% in the first quarter. Los Angeles Capital Management LLC now owns 7,016,972 shares of the computer maker’s stock worth $254,716,000 after purchasing an additional 2,061,479 shares during the period. Hedge funds and other institutional investors own 81.17% of the company’s stock.

HP Trading Down 1.9 %

Shares of NYSE:HPQ opened at $26.45 on Wednesday. The stock’s 50-day moving average price is $31.49 and its 200-day moving average price is $34.65. HP Inc. has a 12-month low of $26.09 and a 12-month high of $41.47. The stock has a market capitalization of $26.61 billion, a P/E ratio of 4.62, a price-to-earnings-growth ratio of 2.44 and a beta of 0.96.

HP (NYSE:HPQGet Rating) last announced its quarterly earnings data on Tuesday, August 30th. The computer maker reported $1.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.04. HP had a negative return on equity of 220.16% and a net margin of 9.72%. The firm had revenue of $14.66 billion for the quarter, compared to analysts’ expectations of $15.63 billion. During the same period last year, the firm earned $1.00 earnings per share. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, research analysts predict that HP Inc. will post 4.09 EPS for the current year.

Insider Transactions at HP

In other news, CFO Marie Myers sold 4,500 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $33.05, for a total transaction of $148,725.00. Following the completion of the sale, the chief financial officer now directly owns 13,500 shares in the company, valued at $446,175. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Marie Myers sold 4,500 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $33.05, for a total transaction of $148,725.00. Following the completion of the sale, the chief financial officer now directly owns 13,500 shares in the company, valued at $446,175. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Enrique Lores sold 34,000 shares of the stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $32.67, for a total transaction of $1,110,780.00. Following the sale, the chief executive officer now owns 551,204 shares of the company’s stock, valued at $18,007,834.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,000 shares of company stock worth $1,406,520. Company insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on HPQ shares. Barclays decreased their price target on shares of HP from $32.00 to $27.00 and set an “underweight” rating on the stock in a report on Wednesday, August 31st. Credit Suisse Group decreased their price target on shares of HP from $39.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, August 31st. JPMorgan Chase & Co. reduced their target price on HP from $39.00 to $36.00 and set a “neutral” rating on the stock in a research note on Thursday, July 14th. Deutsche Bank Aktiengesellschaft reduced their target price on HP from $36.00 to $32.00 and set a “hold” rating on the stock in a research note on Wednesday, August 31st. Finally, Morgan Stanley reduced their target price on HP from $30.00 to $28.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 31st. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, HP has an average rating of “Hold” and an average price target of $30.79.

HP Company Profile

(Get Rating)

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.

See Also

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Institutional Ownership by Quarter for HP (NYSE:HPQ)

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