The Manufacturers Life Insurance Company reduced its stake in shares of HP Inc. (NYSE:HPQ) by 5.8% in the 1st quarter, Holdings Channel reports. The firm owned 1,489,280 shares of the computer maker’s stock after selling 90,969 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in HP were worth $28,936,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. grew its holdings in HP by 12.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,402 shares of the computer maker’s stock worth $90,000 after acquiring an additional 499 shares during the period. Cullen Frost Bankers Inc. grew its holdings in HP by 5.0% during the 1st quarter. Cullen Frost Bankers Inc. now owns 12,159 shares of the computer maker’s stock worth $237,000 after acquiring an additional 582 shares during the period. Canandaigua National Bank & Trust Co. grew its holdings in HP by 5.6% during the 1st quarter. Canandaigua National Bank & Trust Co. now owns 11,171 shares of the computer maker’s stock worth $217,000 after acquiring an additional 595 shares during the period. Montecito Bank & Trust grew its holdings in HP by 2.6% during the 1st quarter. Montecito Bank & Trust now owns 23,902 shares of the computer maker’s stock worth $464,000 after acquiring an additional 598 shares during the period. Finally, Dupont Capital Management Corp grew its holdings in HP by 3.7% during the 4th quarter. Dupont Capital Management Corp now owns 18,590 shares of the computer maker’s stock worth $380,000 after acquiring an additional 661 shares during the period. 80.44% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on the company. Zacks Investment Research upgraded HP from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. ValuEngine downgraded HP from a “hold” rating to a “sell” rating in a report on Saturday, June 1st. Evercore ISI assumed coverage on HP in a report on Wednesday, June 5th. They set an “outperform” rating and a $23.00 price target for the company. Morgan Stanley increased their price target on HP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, May 24th. Finally, Wolfe Research downgraded HP from an “outperform” rating to a “peer perform” rating and decreased their price target for the stock from $25.00 to $21.00 in a report on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. HP currently has an average rating of “Hold” and an average target price of $25.26.
Shares of HPQ traded up $0.10 during trading hours on Thursday, hitting $20.02. The stock had a trading volume of 42,043 shares, compared to its average volume of 11,065,834. The company has a market cap of $29.91 billion, a PE ratio of 9.91, a P/E/G ratio of 2.99 and a beta of 1.35. HP Inc. has a 1-year low of $18.06 and a 1-year high of $27.08.
HP (NYSE:HPQ) last issued its earnings results on Thursday, May 23rd. The computer maker reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The company had revenue of $14.04 billion during the quarter, compared to the consensus estimate of $13.97 billion. HP had a negative return on equity of 232.81% and a net margin of 6.67%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the business posted $0.48 EPS. Equities research analysts predict that HP Inc. will post 2.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 3rd. Stockholders of record on Wednesday, June 12th will be paid a $0.1602 dividend. The ex-dividend date is Tuesday, June 11th. This represents a $0.64 annualized dividend and a dividend yield of 3.20%. HP’s dividend payout ratio is presently 31.68%.
In other HP news, insider Claire Bramley sold 15,819 shares of HP stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $20.00, for a total transaction of $316,380.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dion J. Weisler sold 36,799 shares of HP stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $20.00, for a total value of $735,980.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,618 shares of company stock valued at $1,612,360. 0.25% of the stock is currently owned by company insiders.
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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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