Eagle Bay Advisors LLC Increases Stake in HP Inc. (NYSE:HPQ)

Eagle Bay Advisors LLC raised its position in HP Inc. (NYSE:HPQ) by 41.8% during the second quarter, HoldingsChannel reports. The firm owned 5,125 shares of the computer maker’s stock after purchasing an additional 1,510 shares during the period. Eagle Bay Advisors LLC’s holdings in HP were worth $181,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atomi Financial Group Inc. purchased a new position in HP in the 2nd quarter valued at $232,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in HP by 4.1% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 56,258 shares of the computer maker’s stock valued at $1,970,000 after purchasing an additional 2,220 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in HP by 4.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 206,008 shares of the computer maker’s stock valued at $7,214,000 after purchasing an additional 9,500 shares in the last quarter. State of Michigan Retirement System increased its stake in shares of HP by 1.6% in the 2nd quarter. State of Michigan Retirement System now owns 309,062 shares of the computer maker’s stock worth $10,823,000 after acquiring an additional 4,800 shares during the last quarter. Finally, Bailard Inc. increased its stake in shares of HP by 2.9% in the 2nd quarter. Bailard Inc. now owns 20,668 shares of the computer maker’s stock worth $724,000 after acquiring an additional 576 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on HPQ. Barclays raised their target price on HP from $30.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. raised their target price on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday. Morgan Stanley downgraded HP from an “overweight” rating to an “equal weight” rating and set a $37.00 target price for the company. in a research note on Monday, August 19th. Bank of America raised their price objective on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Wells Fargo & Company raised their price objective on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, HP presently has a consensus rating of “Hold” and a consensus price target of $35.00.

Insider Activity

In related news, insider Alex Cho sold 173,137 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the completion of the sale, the insider now owns 64,676 shares in the company, valued at $2,335,450.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.41% of the company’s stock.

HP Stock Up 0.1 %

NYSE HPQ traded up $0.03 during trading on Tuesday, hitting $35.60. The stock had a trading volume of 6,440,541 shares, compared to its average volume of 7,769,991. The company has a market capitalization of $34.84 billion, a PE ratio of 12.03, a PEG ratio of 2.24 and a beta of 1.09. The firm has a 50 day moving average price of $35.56 and a 200 day moving average price of $32.29. HP Inc. has a twelve month low of $25.22 and a twelve month high of $39.52.

HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, May 29th. The computer maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.61 billion. HP had a negative return on equity of 230.39% and a net margin of 5.60%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 EPS. On average, sell-side analysts anticipate that HP Inc. will post 3.45 earnings per share for the current year.

HP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th will be paid a $0.2756 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, September 11th. HP’s payout ratio is presently 37.16%.

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.