National Pension Service Boosts Stock Position in HP Inc. (NYSE:HPQ)

National Pension Service lifted its holdings in shares of HP Inc. (NYSE:HPQ) by 24.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,162,772 shares of the computer maker’s stock after purchasing an additional 419,774 shares during the period. National Pension Service owned about 0.22% of HP worth $77,579,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HPQ. Norden Group LLC purchased a new position in HP in the first quarter valued at about $665,000. Private Advisor Group LLC lifted its stake in HP by 5.5% in the first quarter. Private Advisor Group LLC now owns 80,940 shares of the computer maker’s stock valued at $2,446,000 after purchasing an additional 4,197 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in HP by 11.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 268,807 shares of the computer maker’s stock valued at $7,611,000 after purchasing an additional 28,252 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of HP by 6.7% in the first quarter. Janney Montgomery Scott LLC now owns 143,932 shares of the computer maker’s stock valued at $4,350,000 after buying an additional 8,991 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of HP by 24.8% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 36,447 shares of the computer maker’s stock valued at $1,101,000 after buying an additional 7,239 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Bank of America cut 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 target for the company. in a report on Tuesday, October 1st. Finally, Morgan Stanley decreased their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $35.55.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by company insiders.

HP Stock Performance

HPQ stock opened at $36.64 on Wednesday. The company has a market capitalization of $35.31 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07. HP Inc. has a one year low of $27.01 and a one year high of $39.52. The company’s 50 day moving average price is $35.68 and its two-hundred day moving average price is $34.57.

HP (NYSE:HPQ) last issued 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). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the business earned $0.86 EPS. HP’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, research analysts predict that HP Inc. will post 3.39 EPS for the current year.

HP announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 28th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.