Prestige Wealth Management Group LLC Trims Stock Holdings in HP Inc. (NYSE:HPQ)

Prestige Wealth Management Group LLC decreased its holdings in HP Inc. (NYSE:HPQ) by 27.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,350 shares of the computer maker’s stock after selling 500 shares during the period. Prestige Wealth Management Group LLC’s holdings in HP were worth $49,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of HPQ. State Street Corp increased its stake in shares of HP by 8.2% in the third quarter. State Street Corp now owns 51,801,428 shares of the computer maker’s stock worth $1,871,046,000 after purchasing an additional 3,923,161 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of HP in the second quarter worth about $62,672,000. DME Capital Management LP grew its stake in HP by 108.7% during the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after acquiring an additional 1,757,070 shares in the last quarter. Pacer Advisors Inc. grew its stake in HP by 11.4% during the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after acquiring an additional 1,455,138 shares in the last quarter. Finally, Primecap Management Co. CA grew its stake in HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after acquiring an additional 1,319,731 shares in the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. HSBC cut shares of HP from a “buy” rating to a “hold” rating and reduced their price objective for the company from $39.00 to $38.00 in a research note on Friday, November 29th. Loop Capital reduced their price objective 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. TD Cowen boosted their price objective on shares of HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Morgan Stanley reduced 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 note on Thursday, August 29th. Finally, UBS Group boosted their price objective on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $36.77.

HP Price Performance

Shares of HP stock opened at $34.94 on Wednesday. The firm has a market cap of $33.67 billion, a PE ratio of 12.43, a PEG ratio of 3.09 and a beta of 1.04. HP Inc. has a 1 year low of $27.42 and a 1 year high of $39.79. The company has a 50 day simple moving average of $36.64 and a two-hundred day simple moving average of $35.80.

HP (NYSE:HPQ) last announced its quarterly earnings data on Tuesday, November 26th. The computer maker reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. The firm had revenue of $14.06 billion during the quarter, compared to analyst estimates of $13.99 billion. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. As a group, research analysts anticipate that HP Inc. will post 3.56 earnings per share for the current year.

HP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be issued a dividend of $0.2894 per share. This is a positive change from HP’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Wednesday, December 11th. HP’s dividend payout ratio is currently 40.93%.

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

Insider Activity at HP

In other HP news, insider Alex Cho sold 10,298 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $34.32, for a total transaction of $353,427.36. Following the transaction, the insider now directly owns 64,676 shares of the company’s stock, valued at approximately $2,219,680.32. The trade was a 13.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 358,893 shares of company stock worth $12,363,877 in the last three months. 0.41% of the stock is 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.