Seven Eight Capital LP Raises Holdings in HP Inc. (NYSE:HPQ)

Seven Eight Capital LP grew its position in shares of HP Inc. (NYSE:HPQ) by 123.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,096 shares of the computer maker’s stock after purchasing an additional 13,840 shares during the quarter. Seven Eight Capital LP’s holdings in HP were worth $737,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in HPQ. Moneta Group Investment Advisors LLC boosted its stake in shares of HP by 114,461.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 11,538,630 shares of the computer maker’s stock worth $310,043,000 after buying an additional 11,528,558 shares during the period. Norges Bank acquired a new stake in shares of HP during the fourth quarter worth about $151,025,000. Morgan Stanley boosted its stake in shares of HP by 22.5% during the fourth quarter. Morgan Stanley now owns 14,639,525 shares of the computer maker’s stock worth $393,364,000 after buying an additional 2,686,976 shares during the period. BlackRock Inc. boosted its stake in shares of HP by 2.4% during the first quarter. BlackRock Inc. now owns 92,440,460 shares of the computer maker’s stock worth $2,713,127,000 after buying an additional 2,170,423 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of HP by 106.0% during the first quarter. Citigroup Inc. now owns 2,334,602 shares of the computer maker’s stock worth $68,521,000 after buying an additional 1,201,415 shares during the period. Institutional investors and hedge funds own 76.04% of the company’s stock.

Analyst Upgrades and Downgrades

HPQ has been the subject of several recent research reports. UBS Group increased their target price on shares of HP from $30.00 to $31.00 in a research note on Wednesday, May 31st. JPMorgan Chase & Co. reduced their price objective on shares of HP from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, August 30th. Bank of America reduced their price objective on shares of HP from $27.00 to $25.00 and set an “underperform” rating for the company in a research report on Wednesday, August 30th. StockNews.com upgraded shares of HP from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Finally, 58.com restated a “maintains” rating on shares of HP in a research report on Wednesday, May 31st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, HP currently has an average rating of “Hold” and an average price target of $29.73.

HP Trading Up 0.4 %

Shares of HP stock opened at $29.45 on Monday. HP Inc. has a 12-month low of $24.08 and a 12-month high of $33.90. The stock has a market cap of $29.04 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 2.22 and a beta of 1.02. The company has a 50-day moving average of $31.75 and a two-hundred day moving average of $30.32.

HP (NYSE:HPQ) last issued its earnings results on Tuesday, August 29th. The computer maker reported $0.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.86. HP had a net margin of 4.23% and a negative return on equity of 114.62%. The company had revenue of $13.20 billion during the quarter, compared to analysts’ expectations of $13.38 billion. During the same period last year, the company posted $1.04 earnings per share. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. On average, sell-side analysts forecast that HP Inc. will post 3.31 EPS for the current fiscal year.

HP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be paid a dividend of $0.2625 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.57%. HP’s dividend payout ratio (DPR) is 45.26%.

Insider Transactions at HP

In other news, CEO Enrique Lores sold 156,976 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $30.69, for a total transaction of $4,817,593.44. Following the completion of the transaction, the chief executive officer now directly owns 766,268 shares of the company’s stock, valued at approximately $23,516,764.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Enrique Lores sold 156,976 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $30.69, for a total transaction of $4,817,593.44. Following the completion of the transaction, the chief executive officer now directly owns 766,268 shares of the company’s stock, valued at approximately $23,516,764.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alex Cho sold 22,490 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $30.50, for a total transaction of $685,945.00. Following the transaction, the insider now directly owns 22,003 shares of the company’s stock, valued at $671,091.50. The disclosure for this sale can be found here. Insiders sold a total of 198,620 shares of company stock valued at $6,111,755 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

About HP

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.