Cullinan Associates Inc. Purchases 49,865 Shares of HP Inc. (NYSE:HPQ)

Cullinan Associates Inc. lifted its position in HP Inc. (NYSE:HPQ) by 30.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 214,525 shares of the computer maker’s stock after purchasing an additional 49,865 shares during the quarter. Cullinan Associates Inc.’s holdings in HP were worth $7,836,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HPQ. Vanguard Group Inc. increased its stake in HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after acquiring an additional 3,062,441 shares during the period. Wedge Capital Management L L P NC bought a new stake in shares of HP in the 2nd quarter valued at approximately $62,672,000. DAVENPORT & Co LLC raised its holdings in shares of HP by 10,188.2% in the 1st quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock worth $53,680,000 after buying an additional 1,760,631 shares in the last quarter. DME Capital Management LP lifted its position in shares of HP by 108.7% during the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after buying an additional 1,757,070 shares during the period. Finally, Primecap Management Co. CA boosted its stake in HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after buying an additional 1,319,731 shares in the last quarter. 77.53% of the stock is owned by institutional investors.

Insider Transactions at HP

In related news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on HPQ shares. JPMorgan Chase & Co. increased their price objective on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Loop Capital cut their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Morgan Stanley decreased their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Barclays cut their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Finally, Bank of America lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.55.

HP Stock Up 1.2 %

HPQ stock traded up $0.45 during midday trading on Friday, reaching $36.92. The stock had a trading volume of 264,563 shares, compared to its average volume of 7,809,922. The firm has a market cap of $36.13 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 2.67 and a beta of 1.07. HP Inc. has a twelve month low of $25.67 and a twelve month high of $39.52. The business has a fifty day simple moving average of $35.46 and a two-hundred day simple moving average of $34.02.

HP (NYSE:HPQ) last issued 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). 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 for the quarter, compared to analyst estimates of $13.37 billion. During the same quarter in the prior year, the firm earned $0.86 EPS. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities analysts predict that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

HP 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.