Primecap Management Co. CA Raises Stock Position in HP Inc. (NYSE:HPQ)

Primecap Management Co. CA lifted its holdings in shares of HP Inc. (NYSE:HPQ) by 6.2% in the second quarter, HoldingsChannel reports. The firm owned 22,451,096 shares of the computer maker’s stock after acquiring an additional 1,319,731 shares during the period. Primecap Management Co. CA’s holdings in HP were worth $786,237,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of HPQ. Principal Securities Inc. purchased a new position in shares of HP during the 4th quarter worth approximately $135,000. Avantax Advisory Services Inc. increased its stake in shares of HP by 13.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 23,585 shares of the computer maker’s stock worth $710,000 after purchasing an additional 2,810 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of HP by 10.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 134,941 shares of the computer maker’s stock worth $4,060,000 after purchasing an additional 12,378 shares in the last quarter. AMG National Trust Bank purchased a new position in shares of HP during the 4th quarter worth approximately $264,000. Finally, Norges Bank purchased a new position in shares of HP during the 4th quarter worth approximately $187,264,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at HP

In related news, insider Alex Cho sold 173,137 shares of HP stock in a transaction 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 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 accessible through this hyperlink. In related news, insider Alex Cho sold 173,137 shares of HP stock in a transaction 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 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 accessible through this hyperlink. Also, CEO Enrique Lores sold 211,501 shares of HP 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 owns 3 shares in the company, valued at approximately $99.48. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Bank of America raised their target price on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Wells Fargo & Company raised their target price on shares of 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. raised their target price on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, UBS Group raised their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.55.

HP Stock Up 1.3 %

Shares of HPQ opened at $33.76 on Tuesday. The firm has a market cap of $33.04 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07. The company’s fifty day moving average is $35.26 and its two-hundred day moving average is $32.91. HP Inc. has a fifty-two week low of $25.22 and a fifty-two week high of $39.52.

HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share 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 analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 EPS. As a group, equities research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

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

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.