Citigroup Inc. Reduces Position in HP Inc. (NYSE:HPQ)

Citigroup Inc. reduced its position in HP Inc. (NYSE:HPQ) by 17.1% during the third quarter, HoldingsChannel.com reports. The firm owned 1,044,188 shares of the computer maker’s stock after selling 214,857 shares during the period. Citigroup Inc.’s holdings in HP were worth $37,455,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Trust N.A. raised its holdings in shares of HP by 22.8% in the third quarter. Raymond James Trust N.A. now owns 57,687 shares of the computer maker’s stock worth $2,069,000 after buying an additional 10,702 shares during the period. Charles Schwab Investment Management Inc. grew its position in HP by 11.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock valued at $241,876,000 after acquiring an additional 678,985 shares during the last quarter. Smithfield Trust Co increased its stake in HP by 19.2% in the third quarter. Smithfield Trust Co now owns 24,809 shares of the computer maker’s stock worth $890,000 after purchasing an additional 4,000 shares during the period. Pacer Advisors Inc. increased its stake in HP by 11.4% in the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock worth $508,791,000 after purchasing an additional 1,455,138 shares during the period. Finally, Intech Investment Management LLC lifted its position in shares of HP by 0.6% during the third quarter. Intech Investment Management LLC now owns 163,510 shares of the computer maker’s stock worth $5,865,000 after purchasing an additional 923 shares during the last quarter. Institutional investors own 77.53% of the company’s stock.

Insider Activity at HP

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Friday, September 27th. Morgan Stanley dropped their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Barclays decreased their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Loop Capital dropped their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, UBS Group lifted their target price on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, HP currently has a consensus rating of “Hold” and an average target price of $35.45.

HP Trading Up 0.6 %

HPQ opened at $38.13 on Monday. The firm has a market cap of $36.75 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 2.61 and a beta of 1.07. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.52. The stock has a fifty day moving average price of $36.36 and a 200-day moving average price of $35.40.

HP (NYSE:HPQ) last announced its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP declared that its Board of Directors has initiated a stock buyback plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.