Covington Capital Management Has $707,000 Holdings in HP Inc. (NYSE:HPQ)

Covington Capital Management lifted its stake in shares of HP Inc. (NYSE:HPQ) by 128.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,434 shares of the computer maker’s stock after buying an additional 13,164 shares during the quarter. Covington Capital Management’s holdings in HP were worth $707,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Meridian Wealth Partners LLC bought a new position in HP during the 1st quarter valued at $26,000. Harbour Investments Inc. bought a new stake in shares of HP during the 1st quarter worth $31,000. Corsicana & Co. bought a new stake in shares of HP during the 2nd quarter worth $32,000. Barrett Asset Management LLC raised its stake in shares of HP by 800.0% during the 2nd quarter. Barrett Asset Management LLC now owns 1,125 shares of the computer maker’s stock worth $34,000 after purchasing an additional 1,000 shares during the period. Finally, Albion Financial Group UT bought a new stake in shares of HP during the 2nd quarter worth $35,000. 77.22% of the stock is owned by institutional investors.

NYSE:HPQ opened at $26.48 on Thursday. The business has a 50 day moving average of $28.47 and a 200 day moving average of $30.19. The company has a market capitalization of $30.52 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 0.91 and a beta of 1.00. HP Inc. has a 1-year low of $17.25 and a 1-year high of $36.00.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 25th. The computer maker reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.16. The company had revenue of $15.29 billion during the quarter, compared to the consensus estimate of $15.92 billion. HP had a negative return on equity of 137.22% and a net margin of 6.56%. HP’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. On average, research analysts anticipate that HP Inc. will post 3.73 EPS for the current fiscal year.

A number of equities research analysts recently issued reports on the company. Morgan Stanley cut HP from an “overweight” rating to an “equal weight” rating and set a $31.00 price objective on the stock. in a research note on Friday, August 27th. JPMorgan Chase & Co. lowered HP to a “hold” rating and set a $30.00 target price for the company. in a report on Wednesday, October 6th. Evercore ISI reaffirmed a “buy” rating and set a $34.00 target price on shares of HP in a report on Sunday, August 29th. Finally, Jefferies Financial Group started coverage on HP in a report on Monday, August 9th. They set a “hold” rating and a $31.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.63.

In other HP news, CEO Enrique Lores sold 34,000 shares of the business’s stock in a transaction that occurred on Friday, October 1st. The stock was sold at an average price of $27.53, for a total value of $936,020.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

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.

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Institutional Ownership by Quarter for HP (NYSE:HPQ)

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