Frank Rimerman Advisors LLC Sells 2,694 Shares of HP Inc. (NYSE:HPQ)

Frank Rimerman Advisors LLC cut its holdings in shares of HP Inc. (NYSE:HPQ) by 15.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,039 shares of the computer maker’s stock after selling 2,694 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in HP were worth $539,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in HPQ. Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 3,062,441 shares during the period. Primecap Management Co. CA increased its stake in 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. LSV Asset Management increased its stake in HP by 3.3% in the first quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock valued at $383,028,000 after purchasing an additional 403,355 shares in the last quarter. Legal & General Group Plc increased its stake in 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, Bank of New York Mellon Corp increased its stake in HP by 3.5% in the second 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 purchasing an additional 287,861 shares in the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Price Performance

Shares of NYSE:HPQ opened at $36.88 on Monday. The company’s fifty day moving average price is $35.50 and its 200-day moving average price is $34.16. The firm has a market capitalization of $36.09 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.64 and a beta of 1.07. HP Inc. has a one year low of $25.67 and a one year high of $39.52.

HP (NYSE:HPQ) last issued 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). The company had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.86 EPS. As a group, equities research analysts expect that HP Inc. will post 3.39 EPS for the current year.

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

Insider Activity

In other news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

HPQ has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Barclays dropped their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Loop Capital lowered their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, UBS Group boosted their price target 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. One investment 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.