Wellington Shields & Co. LLC Sells 600 Shares of HP Inc. (NYSE:HPQ)

Wellington Shields & Co. LLC reduced its position in HP Inc. (NYSE:HPQ) by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,200 shares of the computer maker’s stock after selling 600 shares during the quarter. Wellington Shields & Co. LLC’s holdings in HP were worth $322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of HPQ. Treasurer of the State of North Carolina boosted its stake in shares of HP by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 401,809 shares of the computer maker’s stock worth $12,090,000 after acquiring an additional 4,102 shares during the period. Daiwa Securities Group Inc. grew its position in shares of HP by 27.5% during the first quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock valued at $3,213,000 after purchasing an additional 22,909 shares in the last quarter. Chris Bulman Inc bought a new stake in shares of HP in the second quarter worth about $88,000. State of Alaska Department of Revenue lifted its position in shares of HP by 85.9% in the first quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock worth $5,275,000 after buying an additional 80,670 shares in the last quarter. Finally, Swiss National Bank boosted its stake in HP by 1.4% during the first quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock valued at $85,193,000 after buying an additional 37,800 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Bank of America lifted their price objective on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Morgan Stanley reduced their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Citigroup increased their price objective 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. Loop Capital reduced their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Finally, Barclays lowered their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.55.

HP Price Performance

Shares of NYSE:HPQ opened at $33.47 on Wednesday. The business has a 50 day simple moving average of $35.38 and a two-hundred day simple moving average of $32.78. HP Inc. has a 1 year low of $25.22 and a 1 year high of $39.52. The firm has a market capitalization of $32.26 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 2.26 and a beta of 1.07.

HP (NYSE:HPQ) last issued 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). The company 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 was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 earnings per share. Equities research analysts expect that HP Inc. will post 3.39 EPS for the current fiscal year.

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

Insider Activity at HP

In related news, insider Alex Cho sold 173,137 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the sale, the insider now owns 64,676 shares of the company’s stock, valued at $2,335,450.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by corporate 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.