Valley Wealth Managers Inc. Trims Stock Position in HP Inc. (NYSE:HPQ)

Valley Wealth Managers Inc. cut its position in shares of HP Inc. (NYSE:HPQ) by 2.9% during the third quarter, Holdings Channel.com reports. The firm owned 106,331 shares of the computer maker’s stock after selling 3,127 shares during the quarter. Valley Wealth Managers Inc.’s holdings in HP were worth $3,814,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in 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 position in shares of HP by 6.2% during 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 acquiring an additional 1,319,731 shares during the last quarter. Legal & General Group Plc increased its position in shares of HP by 11.3% during 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 acquiring an additional 1,089,848 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of HP by 3.5% during 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 acquiring an additional 287,861 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of HP by 4.1% during the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock valued at $186,928,000 after acquiring an additional 213,116 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at HP

In related news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

HP Stock Performance

HP stock traded up $0.24 during trading hours on Friday, reaching $36.73. 596,540 shares of the stock were exchanged, compared to its average volume of 7,723,165. The stock has a market cap of $35.40 billion, a P/E ratio of 12.92, a P/E/G ratio of 2.52 and a beta of 1.07. The firm’s 50 day moving average is $35.91 and its 200 day moving average is $34.92. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.52.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The firm had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.86 earnings per share. Equities research analysts expect that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its board has approved a stock buyback plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. UBS Group lifted 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. JPMorgan Chase & Co. lifted their price objective on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Morgan Stanley dropped 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. Finally, Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently 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.