Concentric Wealth Management LLC Decreases Stake in HP Inc. (NYSE:HPQ)

Concentric Wealth Management LLC reduced its holdings in shares of HP Inc. (NYSE:HPQ) by 10.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,181 shares of the computer maker’s stock after selling 1,023 shares during the quarter. Concentric Wealth Management LLC’s holdings in HP were worth $329,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Epoch Investment Partners Inc. boosted its position in shares of HP by 8.1% in the first quarter. Epoch Investment Partners Inc. now owns 20,599 shares of the computer maker’s stock worth $623,000 after buying an additional 1,549 shares during the period. Lazard Asset Management LLC lifted its position in shares of HP by 3,567.3% during the first quarter. Lazard Asset Management LLC now owns 34,143 shares of the computer maker’s stock worth $1,030,000 after purchasing an additional 33,212 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of HP by 1.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,191,666 shares of the computer maker’s stock valued at $36,013,000 after purchasing an additional 15,675 shares during the period. Public Employees Retirement Association of Colorado increased its stake in HP by 0.8% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 132,919 shares of the computer maker’s stock worth $4,017,000 after buying an additional 1,035 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in HP by 2.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 384,220 shares of the computer maker’s stock worth $11,611,000 after buying an additional 8,831 shares in the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

HPQ has been the subject of several recent analyst reports. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Friday, September 27th. UBS Group upped 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. 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 report on Thursday, August 29th. Citigroup 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 Tuesday, October 1st. Finally, JPMorgan Chase & Co. reduced their price target on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.45.

HP Stock Performance

Shares of HPQ opened at $38.13 on Monday. The firm has a fifty day moving average of $36.36 and a 200-day moving average of $35.40. The company has a market cap of $36.75 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 2.62 and a beta of 1.07. HP Inc. has a 1 year low of $27.42 and a 1 year high of $39.52.

HP (NYSE:HPQ) last posted 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 firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.86 EPS. Analysts predict that HP Inc. will post 3.39 EPS for the current year.

HP announced that its board has authorized a share repurchase program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

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

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.