GLOBALT Investments LLC GA Sells 4,787 Shares of HP Inc. (NYSE:HPQ)

GLOBALT Investments LLC GA lowered its stake in shares of HP Inc. (NYSE:HPQ) by 2.6% during the third quarter, Holdings Channel reports. The fund owned 180,017 shares of the computer maker’s stock after selling 4,787 shares during the period. GLOBALT Investments LLC GA’s holdings in HP were worth $6,457,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in HP during the 3rd quarter worth about $25,000. Triad Wealth Partners LLC acquired a new position in HP during the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in HP during the 2nd quarter valued at about $34,000. Wolff Wiese Magana LLC lifted its position in HP by 115.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares during the period. Finally, ORG Wealth Partners LLC acquired a new position in HP during the 3rd quarter valued at about $37,000. Institutional investors own 77.53% of the company’s stock.

HP Stock Performance

Shares of HPQ stock opened at $36.72 on Monday. The company has a market capitalization of $35.39 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52. The company’s 50 day moving average price is $35.97 and its two-hundred day moving average price is $35.08.

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

HP declared that its board has approved a share buyback program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction 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 $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HPQ. JPMorgan Chase & Co. upped their target price on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Tuesday, October 1st. Barclays cut their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Morgan Stanley cut 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. Finally, UBS Group increased their price target on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.55.

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.