RWC Asset Management LLP Sells 251,437 Shares of HP Inc. (NYSE:HPQ)

RWC Asset Management LLP cut its holdings in HP Inc. (NYSE:HPQ) by 6.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,822,079 shares of the computer maker’s stock after selling 251,437 shares during the quarter. HP makes up 9.4% of RWC Asset Management LLP’s portfolio, making the stock its largest position. RWC Asset Management LLP owned 0.39% of HP worth $133,849,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in HP in the 4th quarter valued at $187,264,000. Vanguard Group Inc. increased its position in HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after purchasing an additional 3,062,441 shares during the period. Schroder Investment Management Group increased its position in HP by 1,472.4% in the fourth quarter. Schroder Investment Management Group now owns 2,264,081 shares of the computer maker’s stock worth $68,126,000 after purchasing an additional 2,120,096 shares during the period. Wedge Capital Management L L P NC bought a new stake in HP during the 2nd quarter worth about $62,672,000. Finally, DAVENPORT & Co LLC lifted its position in HP by 10,188.2% during the 1st quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock valued at $53,680,000 after purchasing an additional 1,760,631 shares during the period. 77.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Citigroup boosted their price target on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Bank of America upped their target price on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Wells Fargo & Company raised their price target on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. upped their price objective on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Barclays reduced their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.60.

HP Price Performance

NYSE HPQ opened at $36.18 on Tuesday. The stock’s 50-day moving average is $35.47 and its 200-day moving average is $32.54. HP Inc. has a one year low of $25.22 and a one year high of $39.52. The firm has a market cap of $35.40 billion, a P/E ratio of 12.22, a P/E/G ratio of 2.32 and a beta of 1.09.

HP (NYSE:HPQ) last announced 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 negative return on equity of 266.37% and a net margin of 5.33%. During the same quarter last year, the business posted $0.86 earnings per share. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that HP Inc. will post 3.4 EPS for the current year.

HP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders 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 3.05%. The ex-dividend date of this dividend is Wednesday, September 11th. HP’s dividend payout ratio is 37.16%.

Insider Transactions at HP

In other HP 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 value of $6,251,977.07. Following the sale, the insider now owns 64,676 shares in the company, valued at approximately $2,335,450.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by insiders.

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.