First Horizon Advisors Inc. Boosts Stake in HP Inc. (NYSE:HPQ)

First Horizon Advisors Inc. lifted its holdings in shares of HP Inc. (NYSE:HPQ) by 3.4% during the third quarter, Holdings Channel reports. The fund owned 567,799 shares of the computer maker’s stock after purchasing an additional 18,665 shares during the quarter. First Horizon Advisors Inc.’s holdings in HP were worth $20,367,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Chris Bulman Inc acquired a new position in shares of HP in the 2nd quarter valued at approximately $88,000. Principal Financial Group Inc. grew its holdings in HP by 16.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock worth $41,391,000 after acquiring an additional 160,268 shares in the last quarter. Frank Rimerman Advisors LLC bought a new stake in shares of HP in the 2nd quarter worth about $621,000. Cetera Investment Advisers lifted its position in shares of HP by 154.7% during the first quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock worth $3,309,000 after purchasing an additional 66,510 shares during the last quarter. Finally, National Pension Service lifted its position in shares of HP by 24.1% during the third quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock worth $77,579,000 after purchasing an additional 419,774 shares during the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Stock Performance

Shares of HPQ stock opened at $36.87 on Wednesday. The firm has a market capitalization of $35.53 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07. HP Inc. has a 1 year low of $27.42 and a 1 year high of $39.52. The stock has a fifty day moving average of $36.10 and a two-hundred day moving average of $35.21.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.86 EPS. Equities research analysts predict that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has initiated a share repurchase program on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

HPQ has been the topic of several research reports. JPMorgan Chase & Co. cut their price objective on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday. Loop Capital lowered their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Tuesday, October 1st. Morgan Stanley lowered their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Finally, UBS Group raised their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.45.

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.