Consolidated Planning Corp Purchases New Position in HP Inc. (NYSE:HPQ)

Consolidated Planning Corp purchased a new position in shares of HP Inc. (NYSE:HPQ) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 136,889 shares of the computer maker’s stock, valued at approximately $4,910,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of HPQ. Vanguard Group Inc. grew its position in shares of HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA grew its position in 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 buying an additional 1,319,731 shares in the last quarter. Legal & General Group Plc raised its holdings in HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after acquiring an additional 1,089,848 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of HP by 3.5% during the 2nd 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 acquiring an additional 287,861 shares during the period. Finally, AQR Capital Management LLC raised its stake in HP by 4.1% in the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock valued at $186,928,000 after purchasing an additional 213,116 shares in the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Trading Up 1.2 %

HPQ stock opened at $37.35 on Friday. HP Inc. has a 1-year low of $27.01 and a 1-year high of $39.52. The stock has a 50-day moving average price of $35.72 and a 200-day moving average price of $34.59. The firm has a market cap of $35.99 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 2.46 and a beta of 1.07.

HP (NYSE:HPQ) last issued its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.86 earnings per share. On average, analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on HPQ shares. Morgan Stanley dropped their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. UBS Group boosted their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research report on Friday, September 27th. Finally, Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Tuesday, October 1st. 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.55.

Insider Activity

In related news, CEO Enrique Lores sold 211,501 shares of the business’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 directly owns 3 shares of the company’s stock, valued at $99.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.41% of the company’s stock.

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.