Beverly Hills Private Wealth LLC Buys 12,863 Shares of HP Inc. (NYSE:HPQ)

Beverly Hills Private Wealth LLC grew its stake in shares of HP Inc. (NYSE:HPQ) by 100.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 25,663 shares of the computer maker’s stock after acquiring an additional 12,863 shares during the period. Beverly Hills Private Wealth LLC’s holdings in HP were worth $899,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Treasurer of the State of North Carolina boosted its position in HP by 1.0% during 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 purchasing an additional 4,102 shares during the period. Chris Bulman Inc bought a new position in HP in the 2nd quarter worth approximately $88,000. Daiwa Securities Group Inc. boosted its holdings in HP by 27.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock worth $3,213,000 after buying an additional 22,909 shares during the period. State of Alaska Department of Revenue grew its stake in HP by 85.9% in the 1st quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock valued at $5,275,000 after buying an additional 80,670 shares in the last quarter. Finally, Swiss National Bank raised its holdings in HP by 1.4% during the 1st quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock valued at $85,193,000 after acquiring an additional 37,800 shares during the period. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Stock Performance

NYSE HPQ opened at $33.11 on Friday. HP Inc. has a 52-week low of $25.22 and a 52-week high of $39.52. The company has a fifty day moving average of $35.32 and a 200-day moving average of $32.79. The company has a market capitalization of $32.40 billion, a P/E ratio of 11.18, a P/E/G ratio of 2.26 and a beta of 1.07.

HP (NYSE:HPQ) last issued its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $13.37 billion. During the same period last year, the firm earned $0.86 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, analysts forecast that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its board has initiated a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on HPQ shares. Bank of America lifted their price target on HP from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Barclays reduced their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. UBS Group raised their price objective on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Citigroup upped their target price on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, Wells Fargo & Company raised their price target on shares of HP from $25.00 to $30.00 and gave the company an “underweight” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $35.55.

Insiders Place Their Bets

In other HP news, insider Alex Cho sold 173,137 shares of HP stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the transaction, the insider now directly owns 64,676 shares of the company’s stock, valued at $2,335,450.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.