Allstate Corp Invests $912,000 in HP Inc. (NYSE:HPQ)

Allstate Corp acquired a new stake in HP Inc. (NYSE:HPQ) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 27,940 shares of the computer maker’s stock, valued at approximately $912,000.

Several other large investors also recently bought and sold shares of HPQ. State Street Corp increased its holdings in shares of HP by 8.2% in the third quarter. State Street Corp now owns 51,801,428 shares of the computer maker’s stock valued at $1,871,046,000 after purchasing an additional 3,923,161 shares during the period. Geode Capital Management LLC boosted its position in HP by 11.1% in the third quarter. Geode Capital Management LLC now owns 24,770,491 shares of the computer maker’s stock valued at $885,877,000 after buying an additional 2,477,977 shares during the last quarter. Pacer Advisors Inc. boosted its position in HP by 4.2% in the fourth quarter. Pacer Advisors Inc. now owns 14,776,697 shares of the computer maker’s stock valued at $482,164,000 after buying an additional 592,391 shares during the last quarter. Norges Bank acquired a new position in HP in the 4th quarter worth approximately $229,320,000. Finally, Charles Schwab Investment Management Inc. raised its position in HP by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,833,728 shares of the computer maker’s stock worth $222,985,000 after buying an additional 90,606 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insider Buying and Selling at HP

In other news, insider Anneliese Olson sold 21,545 shares of the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $28.49, for a total value of $613,817.05. Following the completion of the sale, the insider now directly owns 169 shares in the company, valued at $4,814.81. This represents a 99.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephanie Liebman sold 15,646 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $29.00, for a total transaction of $453,734.00. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on HPQ. Barclays increased their price objective on shares of HP from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 28th. StockNews.com raised HP from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th. Loop Capital decreased their price objective on HP from $35.00 to $30.00 and set a “hold” rating for the company in a report on Tuesday, March 4th. Morgan Stanley lowered their target price on HP from $36.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Finally, Sanford C. Bernstein boosted their price target on HP from $32.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $36.14.

HP Stock Down 0.7 %

HPQ opened at $27.71 on Tuesday. The firm’s fifty day simple moving average is $31.38 and its two-hundred day simple moving average is $33.94. HP Inc. has a 52-week low of $27.30 and a 52-week high of $39.80. The company has a market cap of $26.13 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 2.96 and a beta of 1.09.

HP (NYSE:HPQ) last issued its quarterly earnings results on Thursday, February 27th. The computer maker reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The firm had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.35 billion. On average, research analysts forecast that HP Inc. will post 3.56 EPS for the current year.

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th will be paid a $0.2894 dividend. This represents a $1.16 annualized dividend and a yield of 4.18%. The ex-dividend date is Wednesday, March 12th. HP’s dividend payout ratio is currently 41.37%.

About HP

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.