HP Inc. (HPQ) Position Boosted by Algert Global LLC
Algert Global LLC raised its stake in shares of HP Inc. (NYSE:HPQ) by 143.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 99,782 shares of the computer maker’s stock after purchasing an additional 58,803 shares during the period. Algert Global LLC’s holdings in HP were worth $2,571,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of HPQ. Cornerstone Wealth Management LLC acquired a new position in HP during the second quarter worth approximately $505,000. Janney Montgomery Scott LLC increased its position in shares of HP by 15.8% in the second quarter. Janney Montgomery Scott LLC now owns 47,820 shares of the computer maker’s stock worth $1,085,000 after acquiring an additional 6,542 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of HP by 2.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 170,524 shares of the computer maker’s stock worth $3,869,000 after acquiring an additional 4,470 shares in the last quarter. First Trust Advisors LP increased its position in shares of HP by 43.1% in the second quarter. First Trust Advisors LP now owns 1,817,924 shares of the computer maker’s stock worth $41,249,000 after acquiring an additional 547,265 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of HP by 6.4% in the second quarter. Victory Capital Management Inc. now owns 256,062 shares of the computer maker’s stock worth $5,810,000 after acquiring an additional 15,324 shares in the last quarter. 78.94% of the stock is owned by hedge funds and other institutional investors.
HPQ has been the subject of several recent research reports. Morgan Stanley dropped their price objective on shares of HP from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Thursday, October 4th. Maxim Group increased their price objective on shares of HP from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, August 24th. Loop Capital increased their price objective on shares of HP to $30.00 and gave the stock a “positive” rating in a research report on Thursday, October 4th. Zacks Investment Research lowered shares of HP from a “buy” rating to a “hold” rating in a research report on Tuesday, August 28th. Finally, Bank of America increased their price objective on shares of HP from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, October 4th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $27.25.
HP (NYSE:HPQ) last announced its earnings results on Thursday, November 29th. The computer maker reported $0.54 earnings per share for the quarter, meeting the consensus estimate of $0.54. The business had revenue of $15.37 billion during the quarter, compared to the consensus estimate of $15.13 billion. HP had a net margin of 9.11% and a negative return on equity of 188.62%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 earnings per share. As a group, analysts anticipate that HP Inc. will post 2.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Thursday, December 13th will be paid a $0.1602 dividend. The ex-dividend date of this dividend is Wednesday, December 12th. This is an increase from HP’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.67%. HP’s dividend payout ratio is 27.72%.
In other news, insider Kim M. Rivera sold 46,072 shares of the company’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $24.14, for a total value of $1,112,178.08. Following the completion of the transaction, the insider now directly owns 15,241 shares in the company, valued at $367,917.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alex Cho sold 3,879 shares of the company’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $23.68, for a total transaction of $91,854.72. The disclosure for this sale can be found here. Insiders sold 829,934 shares of company stock valued at $21,227,333 over the last 90 days. Insiders own 0.25% of the company’s stock.
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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.
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