First American Bank Decreases Stock Position in HP Inc. (NYSE:HPQ)

First American Bank cut its holdings in HP Inc. (NYSE:HPQ) by 9.2% during the 3rd quarter, Holdings Channel reports. The firm owned 47,195 shares of the computer maker’s stock after selling 4,767 shares during the period. First American Bank’s holdings in HP were worth $1,693,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of HP by 2.6% in the 1st 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 in the last quarter. Primecap Management Co. CA raised its stake in HP by 6.2% during 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 last quarter. LSV Asset Management raised its stake in HP by 3.3% during the 1st quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock valued at $383,028,000 after buying an additional 403,355 shares during the last quarter. Legal & General Group Plc raised its stake in HP by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after buying an additional 1,089,848 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in HP by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock valued at $294,253,000 after buying an additional 287,861 shares during the last quarter. 77.53% of the stock is owned by institutional investors.

HP Price Performance

HP stock opened at $36.88 on Monday. HP Inc. has a 1-year low of $25.67 and a 1-year high of $39.52. The firm has a market capitalization of $36.09 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 2.64 and a beta of 1.07. The company’s 50-day moving average is $35.50 and its 200 day moving average is $34.16.

HP (NYSE:HPQ) last posted its quarterly earnings data 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). 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 during the quarter, compared to analysts’ expectations of $13.37 billion. During the same period last year, the company earned $0.86 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on HPQ shares. Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Tuesday, October 1st. Barclays cut 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 report on Thursday, August 29th. UBS Group boosted 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. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Friday, September 27th. Finally, Morgan Stanley cut their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, HP has an average rating of “Hold” and a consensus target price of $35.55.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the transaction, the chief executive officer now directly owns 3 shares in the company, valued at $99.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

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.