State of Michigan Retirement System Grows Stock Position in HP Inc. (NYSE:HPQ)

State of Michigan Retirement System increased its holdings in HP Inc. (NYSE:HPQ) by 7.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 365,251 shares of the computer maker’s stock after buying an additional 25,526 shares during the quarter. State of Michigan Retirement System’s holdings in HP were worth $6,366,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baupost Group LLC MA raised its position in HP by 100.0% in the first 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 period. APG Asset Management N.V. raised its holdings in HP by 1,027.6% in the 1st quarter. APG Asset Management N.V. now owns 10,502,078 shares of the computer maker’s stock worth $181,730,000 after purchasing an additional 9,570,678 shares during the period. Nuveen Asset Management LLC lifted its position in HP by 107.5% during the first quarter. Nuveen Asset Management LLC now owns 17,289,519 shares of the computer maker’s stock valued at $300,146,000 after purchasing an additional 8,956,663 shares in the last quarter. Magnetar Financial LLC purchased a new position in HP during the first quarter valued at $148,272,000. Finally, JPMorgan Chase & Co. grew its holdings in HP by 68.7% during the first quarter. JPMorgan Chase & Co. now owns 10,955,915 shares of the computer maker’s stock valued at $190,194,000 after purchasing an additional 4,462,009 shares during the period. 79.76% of the stock is currently owned by institutional investors.

Shares of NYSE:HPQ opened at $17.58 on Friday. The firm’s 50 day simple moving average is $17.04 and its 200-day simple moving average is $17.86. HP Inc. has a one year low of $12.54 and a one year high of $23.93. The firm has a market cap 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.

HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, May 27th. The computer maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.07. The company had revenue of $12.47 billion for the quarter, compared to analysts’ expectations of $12.78 billion. HP had a negative return on equity of 295.77% and a net margin of 5.27%. HP’s revenue was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 earnings per share. On average, sell-side analysts expect that HP Inc. will post 2.1 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 9th will be given a dividend of $0.1762 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Tuesday, September 8th. HP’s payout ratio is 31.25%.

A number of research analysts have recently weighed in on the company. Deutsche Bank lifted their price objective on HP from $17.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, May 28th. Zacks Investment Research raised shares of HP from a “sell” rating to a “hold” rating and set a $16.00 price target on the stock in a report on Friday, May 29th. Cfra dropped their price target on shares of HP from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Thursday, May 28th. Credit Suisse Group upgraded shares of HP to a “neutral” rating and decreased their price objective for the company from $22.00 to $17.00 in a research report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of HP from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. HP currently has an average rating of “Hold” and a consensus target price of $18.00.

In other HP news, Director Robert R. Bennett acquired 17,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were bought at an average cost of $16.47 per share, with a total value of $279,990.00. Also, Director Robert R. Bennett acquired 50,000 shares of HP stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $14.95 per share, with a total value of $747,500.00. Following the purchase, the director now directly owns 110,216 shares of the company’s stock, valued at $1,647,729.20. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 80,500 shares of company stock worth $1,249,835. Insiders own 0.25% of the company’s stock.

HP 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.

Further Reading: How is inflation measured?

Want to see what other hedge funds are holding HPQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HP Inc. (NYSE:HPQ).

Institutional Ownership by Quarter for HP (NYSE:HPQ)

Receive News & Ratings for HP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HP and related companies with MarketBeat.com's FREE daily email newsletter.