The Manufacturers Life Insurance Company Decreases Position in HP Inc. (NYSE:HPQ)

The Manufacturers Life Insurance Company cut its stake in shares of HP Inc. (NYSE:HPQ) by 4.6% during the third quarter, HoldingsChannel reports. The firm owned 1,459,541 shares of the computer maker’s stock after selling 71,143 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in HP were worth $27,717,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of HPQ. Cerebellum GP LLC purchased a new stake in shares of HP in the second quarter worth approximately $73,000. M&G Investment Management Ltd. purchased a new stake in shares of HP in the second quarter worth approximately $447,000. Banque Cantonale Vaudoise raised its holdings in shares of HP by 120.1% in the second quarter. Banque Cantonale Vaudoise now owns 50,538 shares of the computer maker’s stock worth $881,000 after buying an additional 27,579 shares during the period. First Trust Advisors LP raised its holdings in shares of HP by 63.0% in the second quarter. First Trust Advisors LP now owns 3,595,256 shares of the computer maker’s stock worth $62,665,000 after buying an additional 1,389,084 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in shares of HP by 6.3% in the second quarter. Janney Montgomery Scott LLC now owns 31,967 shares of the computer maker’s stock worth $557,000 after buying an additional 1,888 shares during the period. Institutional investors and hedge funds own 77.98% of the company’s stock.

In other news, insider Alex Cho sold 46,201 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $19.90, for a total transaction of $919,399.90. Following the completion of the sale, the insider now owns 54,336 shares in the company, valued at approximately $1,081,286.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kim M. Rivera sold 97,324 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $19.35, for a total value of $1,883,219.40. Following the sale, the insider now owns 105,899 shares of the company’s stock, valued at approximately $2,049,145.65. The disclosure for this sale can be found here. Insiders have sold a total of 154,021 shares of company stock worth $3,016,318 in the last ninety days. Insiders own 0.25% of the company’s stock.

Shares of NYSE HPQ opened at $20.45 on Friday. The stock has a market capitalization of $28.09 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 3.57 and a beta of 0.98. The stock’s fifty day simple moving average is $19.18 and its two-hundred day simple moving average is $17.90. HP Inc. has a 12-month low of $12.54 and a 12-month high of $23.93.

HP (NYSE:HPQ) last announced its earnings results on Thursday, August 27th. The computer maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.06. The business had revenue of $14.29 billion for the quarter, compared to analysts’ expectations of $13.29 billion. HP had a negative return on equity of 237.44% and a net margin of 4.51%. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS. As a group, analysts forecast that HP Inc. will post 2.19 EPS for the current year.

Several equities research analysts have recently weighed in on the company. Loop Capital increased their price target on HP from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Bank of America increased their price target on HP from $16.00 to $18.00 and gave the stock an “underperform” rating in a report on Friday, August 28th. Citigroup increased their price objective on HP from $16.00 to $18.50 and gave the stock a “neutral” rating in a research note on Friday, August 28th. UBS Group raised HP from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $18.00 to $25.00 in a research note on Wednesday, September 23rd. Finally, Morgan Stanley increased their price objective on HP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 13th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $19.21.

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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Institutional Ownership by Quarter for HP (NYSE:HPQ)

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