HP Inc. (HPQ) Position Lowered by Public Sector Pension investment Board
Public Sector Pension investment Board decreased its stake in HP Inc. (NYSE:HPQ) by 50.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,298 shares of the computer maker’s stock after selling 194,300 shares during the period. Public Sector Pension investment Board’s holdings in HP were worth $3,344,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of HP by 1.8% in the first quarter. Vanguard Group Inc. now owns 121,687,604 shares of the computer maker’s stock valued at $2,175,775,000 after purchasing an additional 2,122,269 shares during the period. BlackRock Inc. lifted its stake in shares of HP by 2.5% in the second quarter. BlackRock Inc. now owns 108,599,783 shares of the computer maker’s stock valued at $1,898,325,000 after purchasing an additional 2,608,983 shares during the period. State Street Corp lifted its stake in shares of HP by 0.7% in the first quarter. State Street Corp now owns 79,522,135 shares of the computer maker’s stock valued at $1,421,893,000 after purchasing an additional 515,648 shares during the period. Primecap Management Co. CA lifted its stake in shares of HP by 3.5% in the first quarter. Primecap Management Co. CA now owns 63,851,245 shares of the computer maker’s stock valued at $1,141,660,000 after purchasing an additional 2,163,147 shares during the period. Finally, American International Group Inc. lifted its stake in shares of HP by 1.6% in the first quarter. American International Group Inc. now owns 29,056,041 shares of the computer maker’s stock valued at $519,522,000 after purchasing an additional 457,514 shares during the period. Hedge funds and other institutional investors own 79.18% of the company’s stock.
HP (NYSE:HPQ) last issued its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $13.06 billion for the quarter, compared to the consensus estimate of $12.31 billion. HP had a negative return on equity of 64.93% and a net margin of 4.66%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be issued a $0.1327 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $0.53 dividend on an annualized basis and a yield of 2.66%. HP’s dividend payout ratio is currently 38.41%.
Several research firms have weighed in on HPQ. FBN Securities restated an “outperform” rating and set a $23.00 target price (up from $19.00) on shares of HP in a report on Sunday, May 28th. Deutsche Bank AG restated a “buy” rating on shares of HP in a report on Thursday, August 24th. Zacks Investment Research upgraded shares of HP from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, July 12th. Mizuho upgraded shares of HP from a “neutral” rating to a “buy” rating and raised their target price for the company from $20.00 to $21.00 in a report on Monday, July 10th. Finally, BidaskClub upgraded shares of HP from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Ten investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $20.57.
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In related news, Director Margaret C. Whitman sold 221,960 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $19.36, for a total value of $4,297,145.60. Following the transaction, the director now owns 692,849 shares in the company, valued at $13,413,556.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Marie Myers sold 12,119 shares of the stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $18.07, for a total value of $218,990.33. Following the completion of the transaction, the insider now owns 5,621 shares in the company, valued at approximately $101,571.47. The disclosure for this sale can be found here. Insiders sold 1,449,665 shares of company stock worth $27,319,947 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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