Foster & Motley Inc. Increases Stake in HP Inc. (NYSE:HPQ)

Foster & Motley Inc. increased its holdings in HP Inc. (NYSE:HPQ) by 11.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 228,114 shares of the computer maker’s stock after acquiring an additional 23,977 shares during the quarter. Foster & Motley Inc.’s holdings in HP were worth $8,182,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

HP Trading Up 1.0 %

HP stock opened at $37.00 on Wednesday. The firm has a market cap of $35.66 billion, a PE ratio of 12.86, a P/E/G ratio of 2.48 and a beta of 1.07. HP Inc. has a 12 month low of $27.01 and a 12 month high of $39.52. The stock’s 50 day simple moving average is $35.68 and its two-hundred day simple moving average is $34.57.

HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). The firm had revenue of $13.52 billion for 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 firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.86 EPS. On average, equities research analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP announced that its board has initiated a stock buyback program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on HPQ shares. Loop Capital cut their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. boosted their price target on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note 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 for the company. in a research note on Friday, September 27th. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Tuesday, October 1st. Finally, UBS Group lifted their price objective on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating 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 data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.55.

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.