Spire Wealth Management Trims Position in HP Inc. (NYSE:HPQ)

Spire Wealth Management cut its stake in shares of HP Inc. (NYSE:HPQ) by 97.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,292 shares of the computer maker’s stock after selling 140,176 shares during the period. Spire Wealth Management’s holdings in HP were worth $91,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its position in HP by 1.9% in the fourth quarter. Oppenheimer & Co. Inc. now owns 29,501 shares of the computer maker’s stock worth $963,000 after acquiring an additional 539 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in HP during the fourth quarter valued at about $6,901,000. SVB Wealth LLC bought a new stake in HP during the fourth quarter worth about $989,000. Fisher Asset Management LLC boosted its holdings in shares of HP by 71.6% in the 4th quarter. Fisher Asset Management LLC now owns 10,930 shares of the computer maker’s stock worth $357,000 after purchasing an additional 4,562 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of HP by 8.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 9,412 shares of the computer maker’s stock valued at $307,000 after purchasing an additional 759 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on HPQ. Wells Fargo & Company cut their price target on shares of HP from $35.00 to $25.00 and set an “underweight” rating for the company in a research report on Thursday, May 29th. Bank of America dropped their target price on HP from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Wall Street Zen upgraded HP from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. JPMorgan Chase & Co. lowered their price objective on HP from $30.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday, May 29th. Finally, KGI Securities assumed coverage on HP in a research note on Thursday, May 29th. They set a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.54.

HP Trading Up 4.4%

Shares of NYSE:HPQ opened at $25.53 on Wednesday. The stock has a 50 day moving average of $25.94 and a 200 day moving average of $28.86. The company has a market cap of $23.98 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 1.98 and a beta of 1.28. HP Inc. has a 12-month low of $21.21 and a 12-month high of $39.80.

HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, May 28th. The computer maker reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.09). The business had revenue of $13.22 billion during the quarter, compared to the consensus estimate of $13.09 billion. HP had a negative return on equity of 244.99% and a net margin of 4.64%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.82 earnings per share. Equities research analysts predict that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.2894 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.53%. The ex-dividend date of this dividend is Wednesday, September 10th. HP’s dividend payout ratio is presently 44.79%.

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.