Lake Street Advisors Group LLC Sells 59,589 Shares of HP Inc. (NYSE:HPQ)

Lake Street Advisors Group LLC decreased its holdings in HP Inc. (NYSE:HPQ) by 67.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,139 shares of the computer maker’s stock after selling 59,589 shares during the period. Lake Street Advisors Group LLC’s holdings in HP were worth $1,034,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in HP by 2.6% during the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after buying an additional 3,062,441 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in shares of HP in the 2nd quarter worth about $62,672,000. DAVENPORT & Co LLC raised its position in shares of HP by 10,188.2% in the 1st quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock worth $53,680,000 after acquiring an additional 1,760,631 shares in the last quarter. DME Capital Management LP grew its stake in shares of HP by 108.7% in the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after buying an additional 1,757,070 shares during the period. Finally, Primecap Management Co. CA grew its stake in shares of HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after buying an additional 1,319,731 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

Insider Activity

In related news, 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HPQ shares. JPMorgan Chase & Co. lifted their price target on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Friday, September 27th. Morgan Stanley lowered their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Barclays lowered their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Finally, Loop Capital reduced their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, HP currently has an average rating of “Hold” and an average target price of $35.55.

HP Stock Up 1.1 %

Shares of HPQ opened at $36.88 on Friday. The company has a market capitalization of $35.54 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.07. The firm has a 50 day moving average of $35.48 and a 200 day moving average of $34.04. HP Inc. has a twelve month low of $25.67 and a twelve month 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 the consensus estimate of $0.86 by ($0.03). HP had a net margin of 5.33% and a negative return on equity of 266.37%. 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 business earned $0.86 EPS. HP’s revenue was up 2.4% on a year-over-year basis. On average, sell-side analysts expect that HP Inc. will post 3.39 EPS for the current year.

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