Wetherby Asset Management Inc. increased its stake in HP Inc. (NYSE:HPQ) by 8.3% during the second quarter, Holdings Channel reports. The institutional investor owned 36,491 shares of the computer maker’s stock after buying an additional 2,789 shares during the period. Wetherby Asset Management Inc.’s holdings in HP were worth $637,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC raised its position in HP by 0.3% in the first quarter. CWM LLC now owns 6,419 shares of the computer maker’s stock valued at $115,000 after buying an additional 20 shares in the last quarter. Parallel Advisors LLC raised its position in HP by 0.4% in the first quarter. Parallel Advisors LLC now owns 11,616 shares of the computer maker’s stock valued at $218,000 after buying an additional 41 shares in the last quarter. Montecito Bank & Trust raised its position in HP by 0.3% in the second quarter. Montecito Bank & Trust now owns 17,342 shares of the computer maker’s stock valued at $303,000 after buying an additional 60 shares in the last quarter. Savant Capital LLC raised its position in HP by 0.3% in the first quarter. Savant Capital LLC now owns 24,276 shares of the computer maker’s stock valued at $434,000 after buying an additional 80 shares in the last quarter. Finally, Destination Wealth Management raised its position in HP by 0.5% in the first quarter. Destination Wealth Management now owns 15,603 shares of the computer maker’s stock valued at $279,000 after buying an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 78.97% of the company’s stock.
Shares of HP Inc. (NYSE:HPQ) opened at 18.90 on Friday. The stock’s 50 day moving average price is $18.53 and its 200-day moving average price is $17.82. HP Inc. has a 52-week low of $13.55 and a 52-week high of $19.58. The firm has a market cap of $31.82 billion, a price-to-earnings ratio of 13.37 and a beta of 1.90.
HP (NYSE:HPQ) last announced its earnings results on Wednesday, May 24th. The computer maker reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. HP had a negative return on equity of 68.86% and a net margin of 4.94%. The company had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, analysts forecast that HP Inc. will post $1.64 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be given a dividend of $0.1327 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $0.53 annualized dividend and a dividend yield of 2.81%. HP’s payout ratio is 37.32%.
Several research analysts have issued reports on the company. UBS AG reiterated a “buy” rating and set a $22.00 price objective (up from $20.00) on shares of HP in a research note on Thursday, May 25th. Bank of America Corporation increased their target price on HP from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Royal Bank Of Canada upgraded HP from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $21.00 to $22.00 in a report on Thursday, July 20th. Citigroup Inc. set a $20.00 target price on HP and gave the stock a “buy” rating in a report on Thursday, May 25th. Finally, Jefferies Group LLC increased their target price on HP from $17.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, May 25th. Nine investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. HP has a consensus rating of “Buy” and a consensus target price of $19.89.
In related news, Director Margaret C. Whitman sold 73,992 shares of the company’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $17.72, for a total transaction of $1,311,138.24. Following the sale, the director now owns 544,881 shares in the company, valued at approximately $9,655,291.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jon E. Flaxman sold 35,000 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $18.26, for a total value of $639,100.00. Following the sale, the chief operating officer now owns 62,203 shares in the company, valued at approximately $1,135,826.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,748,815 shares of company stock worth $32,623,560. 0.62% of the stock is owned by corporate insiders.
HP Company Profile
HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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