Prospera Private Wealth LLC Invests $1.03 Million in HP Inc. (NYSE:HPQ)

Prospera Private Wealth LLC bought a new position in shares of HP Inc. (NYSE:HPQ) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 28,666 shares of the computer maker’s stock, valued at approximately $1,028,000.

Other hedge funds have also made changes to their positions in the company. Chris Bulman Inc acquired a new stake in HP during the second quarter worth $88,000. Principal Financial Group Inc. raised its stake in shares of HP by 16.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock valued at $41,391,000 after acquiring an additional 160,268 shares during the period. Frank Rimerman Advisors LLC purchased a new position in shares of HP during the 2nd quarter worth approximately $621,000. Cetera Investment Advisers increased its holdings in HP by 154.7% in the 1st quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock valued at $3,309,000 after purchasing an additional 66,510 shares during the last quarter. Finally, National Pension Service raised its position in HP by 24.1% in the third quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock valued at $77,579,000 after purchasing an additional 419,774 shares during the period. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Stock Down 1.5 %

NYSE:HPQ opened at $36.87 on Wednesday. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.52. The stock’s 50 day moving average price is $36.10 and its 200 day moving average price is $35.21. The company has a market capitalization of $35.53 billion, a PE ratio of 12.94, a P/E/G ratio of 2.51 and a beta of 1.07.

HP (NYSE:HPQ) last announced 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). The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 earnings per share. As a group, sell-side analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its Board of Directors has authorized a share 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 reacquire up to 28.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Enrique Lores sold 211,501 shares of HP 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 transaction, the chief executive officer now directly owns 3 shares in the company, valued at $99.48. This trade represents a 100.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on HPQ shares. UBS Group increased their target price on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Friday, September 27th. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research report on Tuesday, October 1st. Barclays decreased their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. upped their price target on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.55.

About HP

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.