HP Inc. (NYSE:HPQ) Shares Sold by Martingale Asset Management L P

Martingale Asset Management L P lowered its stake in shares of HP Inc. (NYSE:HPQ) by 37.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,627 shares of the computer maker’s stock after selling 15,035 shares during the quarter. Martingale Asset Management L P’s holdings in HP were worth $883,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Wedge Capital Management L L P NC acquired a new stake in HP in the 2nd quarter valued at about $62,672,000. DME Capital Management LP increased its stake in shares of HP by 108.7% during the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after buying an additional 1,757,070 shares during the period. Pacer Advisors Inc. raised its holdings in 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 acquiring an additional 1,455,138 shares in the last quarter. Primecap Management Co. CA lifted its stake in HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after acquiring an additional 1,319,731 shares during the last quarter. Finally, Bridgewater Associates LP grew its holdings in HP by 2,649.5% during the 3rd quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock worth $47,298,000 after acquiring an additional 1,270,642 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

HP Trading Up 2.9 %

HPQ stock opened at $36.44 on Tuesday. The business has a 50 day simple moving average of $36.57 and a 200-day simple moving average of $35.62. The company has a market capitalization of $35.12 billion, a P/E ratio of 12.97, a PEG ratio of 2.46 and a beta of 1.07. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79.

HP (NYSE:HPQ) last issued its quarterly earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share 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 net margin of 5.18% and a negative return on equity of 253.39%. HP’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Research analysts predict that HP Inc. will post 3.53 EPS for the current fiscal year.

HP announced that its board has approved 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 generally a sign that the company’s board of directors believes its shares are undervalued.

HP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a $0.2894 dividend. This represents a $1.16 annualized dividend and a yield of 3.18%. The ex-dividend date is Wednesday, December 11th. This is a boost from HP’s previous quarterly dividend of $0.28. HP’s payout ratio is 40.93%.

Insiders Place Their Bets

In related news, insider Alex Cho sold 10,298 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $34.32, for a total transaction of $353,427.36. Following the completion of the transaction, the insider now directly owns 64,676 shares of the company’s stock, valued at $2,219,680.32. This represents a 13.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 100.00 % decrease in their position. The disclosure for this sale can be found here. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Barclays raised their price objective on shares of HP from $32.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. Morgan Stanley cut their price target on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Friday, September 27th. Citigroup dropped their price objective on HP from $37.00 to $36.50 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Finally, Loop Capital decreased their target price on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.77.

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.