Huntington National Bank cut its stake in HP Inc. (NYSE:HPQ) by 55.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 105,014 shares of the computer maker’s stock after selling 132,295 shares during the quarter. Huntington National Bank’s holdings in HP were worth $1,831,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of HP by 1.2% in the 1st quarter. BlackRock Inc. now owns 101,085,158 shares of the computer maker’s stock worth $1,754,838,000 after acquiring an additional 1,181,797 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of HP by 4.5% in the 1st quarter. Geode Capital Management LLC now owns 22,651,014 shares of the computer maker’s stock worth $392,609,000 after acquiring an additional 974,006 shares during the last quarter. Baupost Group LLC MA increased its stake in shares of HP by 100.0% in the 1st quarter. Baupost Group LLC MA now owns 20,000,000 shares of the computer maker’s stock worth $347,200,000 after acquiring an additional 10,000,000 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of HP by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 18,852,872 shares of the computer maker’s stock worth $327,286,000 after purchasing an additional 116,446 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in shares of HP by 107.5% during the 1st quarter. Nuveen Asset Management LLC now owns 17,289,519 shares of the computer maker’s stock worth $300,146,000 after purchasing an additional 8,956,663 shares during the period. 79.76% of the stock is owned by institutional investors and hedge funds.
Shares of HP stock traded up $0.34 on Friday, hitting $17.58. 14,608,551 shares of the company’s stock traded hands, compared to its average volume of 11,083,071. HP Inc. has a one year low of $12.54 and a one year high of $23.93. The stock has a market capitalization of $25.14 billion, a PE ratio of 8.66, a price-to-earnings-growth ratio of 5.53 and a beta of 0.98. The firm’s 50-day moving average price is $17.04 and its two-hundred day moving average price is $17.86.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 9th will be paid a $0.1762 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend is Tuesday, September 8th. HP’s payout ratio is presently 31.25%.
HPQ has been the subject of several recent research reports. Goldman Sachs Group initiated coverage on HP in a research note on Friday, April 17th. They issued a “sell” rating and a $11.00 price objective for the company. Bank of America cut their target price on HP from $18.00 to $16.00 and set an “underperform” rating on the stock in a research report on Thursday, May 28th. Morgan Stanley raised their target price on HP from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. Cowen began coverage on HP in a research report on Tuesday, June 30th. They set a “market perform” rating and a $18.00 price target on the stock. Finally, Sanford C. Bernstein cut their price target on HP from $24.00 to $18.00 and set a “market perform” rating on the stock in a research report on Monday, April 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $18.00.
In other HP news, Director Robert R. Bennett acquired 50,000 shares of HP stock in a transaction dated Friday, May 29th. The stock was bought at an average cost of $14.95 per share, for a total transaction of $747,500.00. Following the purchase, the director now directly owns 110,216 shares in the company, valued at approximately $1,647,729.20. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert R. Bennett acquired 17,000 shares of HP stock in a transaction dated Tuesday, June 2nd. The shares were acquired at an average price of $16.47 per share, with a total value of $279,990.00. Over the last ninety days, insiders purchased 80,500 shares of company stock valued at $1,249,835. Company insiders own 0.25% of the company’s stock.
HP Company Profile
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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