HP Inc. (NYSE:HPQ) Position Trimmed by Brooklyn Investment Group

Brooklyn Investment Group decreased its holdings in shares of HP Inc. (NYSE:HPQ) by 37.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,456 shares of the computer maker’s stock after selling 2,648 shares during the period. Brooklyn Investment Group’s holdings in HP were worth $160,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Chris Bulman Inc acquired a new stake in HP in the second quarter worth about $88,000. Principal Financial Group Inc. lifted its holdings in HP by 16.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock valued at $41,391,000 after acquiring an additional 160,268 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new stake in HP in the 2nd quarter valued at about $621,000. Cetera Investment Advisers lifted its holdings in HP by 154.7% in the 1st quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock valued at $3,309,000 after acquiring an additional 66,510 shares during the last quarter. Finally, National Pension Service raised its holdings in HP by 24.1% during the 3rd quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock worth $77,579,000 after buying an additional 419,774 shares during the period. Institutional investors own 77.53% of the company’s stock.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the company’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 transaction of $7,013,373.16. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.41% of the company’s stock.

HP Stock Performance

NYSE:HPQ opened at $34.66 on Thursday. The company has a market capitalization of $33.40 billion, a P/E ratio of 12.16, a P/E/G ratio of 2.70 and a beta of 1.07. The stock’s 50 day moving average price is $36.56 and its 200 day moving average price is $35.52. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.79.

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

HP announced that its board has authorized a stock repurchase plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

HP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.2894 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.16 dividend on an annualized basis and a yield of 3.34%. This is a boost from HP’s previous quarterly dividend of $0.28. HP’s dividend payout ratio is presently 38.60%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Loop Capital cut their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Bank of America downgraded 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. JPMorgan Chase & Co. dropped their target price on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Morgan Stanley dropped their target price on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Finally, TD Cowen upped their target price on HP from $32.00 to $39.00 and gave the company a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.32.

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.