Commerce Bank Grows Stock Position in HP Inc. (NYSE:HPQ)

Commerce Bank boosted its position in HP Inc. (NYSE:HPQ) by 1.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 387,836 shares of the computer maker’s stock after purchasing an additional 6,458 shares during the period. Commerce Bank’s holdings in HP were worth $13,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of HPQ. Wedge Capital Management L L P NC purchased a new position in shares of HP in the second quarter valued at $62,672,000. DME Capital Management LP grew its position in shares of HP by 108.7% in the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after purchasing an additional 1,757,070 shares in the last quarter. Primecap Management Co. CA grew its position in shares of HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. Legal & General Group Plc grew its position in shares of HP by 11.3% in the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after purchasing an additional 1,089,848 shares in the last quarter. Finally, Westwood Holdings Group Inc. purchased a new position in shares of HP in the second quarter valued at $38,044,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Price Performance

NYSE:HPQ opened at $36.70 on Thursday. The business has a fifty day moving average price of $36.17 and a 200-day moving average price of $35.22. The firm has a market capitalization of $35.36 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07. HP Inc. has a one year low of $27.42 and a one year high of $39.52.

HP (NYSE:HPQ) last posted its quarterly 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 net margin of 5.33% and a negative return on equity of 266.37%. The business had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. During the same period in the prior year, the business earned $0.86 earnings per share. HP’s revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP announced that its Board of Directors has initiated a share repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HPQ. Barclays dropped their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Loop Capital reduced their price target on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Citigroup downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their price target on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, UBS Group upped their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. One 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 company. According to data from MarketBeat, HP presently has an average rating of “Hold” and an average price target of $35.45.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by company insiders.

HP 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.