Primecap Management Co. CA Sells 425,035 Shares of HP Inc. (NYSE:HPQ)

Primecap Management Co. CA lessened its stake in HP Inc. (NYSE:HPQ) by 1.9% during the fourth quarter, Holdings Channel reports. The firm owned 21,915,405 shares of the computer maker’s stock after selling 425,035 shares during the period. Primecap Management Co. CA’s holdings in HP were worth $715,100,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of HPQ. King Luther Capital Management Corp increased its position in shares of HP by 3.2% during the third quarter. King Luther Capital Management Corp now owns 9,635 shares of the computer maker’s stock valued at $346,000 after acquiring an additional 303 shares during the last quarter. HBK Sorce Advisory LLC boosted its holdings in shares of HP by 2.7% in the fourth quarter. HBK Sorce Advisory LLC now owns 11,467 shares of the computer maker’s stock worth $374,000 after acquiring an additional 306 shares during the period. Auxano Advisors LLC boosted its holdings in shares of HP by 3.7% in the fourth quarter. Auxano Advisors LLC now owns 8,650 shares of the computer maker’s stock worth $282,000 after acquiring an additional 310 shares during the period. Wedmont Private Capital boosted its stake in HP by 2.6% during the fourth quarter. Wedmont Private Capital now owns 12,648 shares of the computer maker’s stock valued at $420,000 after buying an additional 316 shares during the period. Finally, Pinnacle Financial Partners Inc boosted its stake in HP by 2.7% during the fourth quarter. Pinnacle Financial Partners Inc now owns 12,265 shares of the computer maker’s stock valued at $400,000 after buying an additional 319 shares during the period. Institutional investors own 77.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on HPQ shares. Citigroup dropped their price target on HP from $37.00 to $36.50 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reduced their price target on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Hsbc Global Res downgraded HP from a “strong-buy” rating to a “hold” rating in a report on Friday, November 29th. Morgan Stanley reduced their target price on HP from $36.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Finally, TD Cowen dropped their price target on HP from $39.00 to $38.00 and set a “hold” rating on the stock in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, HP has an average rating of “Hold” and a consensus target price of $36.14.

HP Stock Up 1.7 %

Shares of NYSE:HPQ opened at $28.91 on Tuesday. The company has a market capitalization of $27.25 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 2.96 and a beta of 1.09. HP Inc. has a 52 week low of $27.43 and a 52 week high of $39.80. The firm has a 50 day moving average of $32.26 and a 200 day moving average of $34.37.

HP (NYSE:HPQ) last issued its quarterly earnings data on Thursday, February 27th. The computer maker reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. The company had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.35 billion. HP had a net margin of 5.18% and a negative return on equity of 253.39%. On average, sell-side analysts expect that HP Inc. will post 3.56 EPS for the current year.

HP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.2894 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Wednesday, March 12th. HP’s payout ratio is presently 41.37%.

Insider Transactions at HP

In other news, insider Stephanie Liebman sold 11,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $32.50, for a total transaction of $357,500.00. Following the transaction, the insider now directly owns 6,277 shares of the company’s stock, valued at approximately $204,002.50. This represents a 63.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.38% 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.