ARK Investment Management LLC Lowers Holdings in HP Inc. (NYSE:HPQ)

ARK Investment Management LLC reduced its stake in shares of HP Inc. (NYSE:HPQ) by 29.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 108,806 shares of the computer maker’s stock after selling 44,417 shares during the period. ARK Investment Management LLC’s holdings in HP were worth $3,903,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Triad Wealth Partners LLC bought a new position in HP during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of HP during the 2nd quarter valued at approximately $34,000. Wolff Wiese Magana LLC grew its holdings in shares of HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in HP during the third quarter valued at $37,000. Finally, DecisionPoint Financial LLC bought a new position in HP during the second quarter valued at $43,000. Institutional investors own 77.53% of the company’s stock.

HP Trading Down 1.4 %

NYSE HPQ opened at $36.82 on Friday. The stock has a market cap of $35.48 billion, a PE ratio of 12.92, a PEG ratio of 2.53 and a beta of 1.07. HP Inc. has a 12 month low of $27.01 and a 12 month high of $39.52. The company’s 50-day moving average price is $35.77 and its 200-day moving average price is $34.67.

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). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter in the prior year, the company earned $0.86 earnings per share. HP’s revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has authorized a share buyback program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on HPQ. Morgan Stanley reduced their target price 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 decreased their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a report on Friday, September 27th. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.55.

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.