Independent Advisor Alliance Purchases 31,086 Shares of HP Inc. (NYSE:HPQ)

Independent Advisor Alliance raised its holdings in shares of HP Inc. (NYSE:HPQ) by 426.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,378 shares of the computer maker’s stock after purchasing an additional 31,086 shares during the quarter. Independent Advisor Alliance’s holdings in HP were worth $1,377,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in HPQ. Ashton Thomas Securities LLC bought a new stake in HP during the third quarter worth $25,000. Triad Wealth Partners LLC purchased a new stake in shares of HP in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of HP during the second quarter valued at about $34,000. Wolff Wiese Magana LLC boosted its holdings in HP by 115.1% during the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after purchasing an additional 518 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of HP in the 3rd quarter worth approximately $37,000. Institutional investors and hedge funds own 77.53% of the company’s stock.

Analysts Set New Price Targets

HPQ has been the topic of a number of recent analyst reports. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Tuesday, October 1st. Morgan Stanley dropped their target price 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. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Friday, September 27th. Barclays dropped their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. reduced their price objective on HP from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.45.

Insider Activity at HP

In related news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. This represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by insiders.

HP Price Performance

HP stock opened at $39.08 on Wednesday. HP Inc. has a one year low of $27.42 and a one year high of $39.79. The business has a fifty day moving average price of $36.56 and a 200-day moving average price of $35.53. The firm has a market capitalization of $37.66 billion, a P/E ratio of 13.71, a PEG ratio of 2.62 and a beta of 1.07.

HP (NYSE:HPQ) last posted its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business had revenue of $14.06 billion for the quarter, compared to analysts’ expectations of $13.99 billion. During the same period in the prior year, the company posted $0.90 EPS. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. Sell-side analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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