Bridgewater Associates LP Buys 1,270,642 Shares of HP Inc. (NYSE:HPQ)

Bridgewater Associates LP increased its position in shares of HP Inc. (NYSE:HPQ) by 2,649.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,318,599 shares of the computer maker’s stock after buying an additional 1,270,642 shares during the quarter. Bridgewater Associates LP owned about 0.14% of HP worth $47,298,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in HPQ. Primecap Management Co. CA raised its position in shares of HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after purchasing an additional 1,319,731 shares during the period. Pacer Advisors Inc. lifted its stake in shares of HP by 11.4% in the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after buying an additional 1,455,138 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of HP by 11.3% in the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after buying an additional 1,089,848 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of HP by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock valued at $294,253,000 after buying an additional 287,861 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of HP by 11.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock worth $241,876,000 after acquiring an additional 678,985 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

Insider Buying and Selling

In related news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by insiders.

HP Stock Down 0.6 %

HP stock opened at $39.08 on Wednesday. The firm has a 50 day moving average price of $36.56 and a 200-day moving average price of $35.53. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79. The company has a market capitalization of $37.66 billion, a P/E ratio of 13.71, a P/E/G ratio of 2.70 and a beta of 1.07.

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

HP announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Morgan Stanley dropped their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Tuesday, October 1st. Barclays decreased their price target on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Loop Capital dropped their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. cut their price objective on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock 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. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $35.45.

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.