QRG Capital Management Inc. Lowers Stake in HP Inc. (NYSE:HPQ)

QRG Capital Management Inc. decreased its holdings in HP Inc. (NYSE:HPQ) by 9.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 100,028 shares of the computer maker’s stock after selling 10,988 shares during the quarter. QRG Capital Management Inc.’s holdings in HP were worth $3,588,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Norden Group LLC purchased a new position in HP during the first quarter valued at $665,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in HP by 11.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 268,807 shares of the computer maker’s stock worth $7,611,000 after buying an additional 28,252 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in HP by 6.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 143,932 shares of the computer maker’s stock worth $4,350,000 after buying an additional 8,991 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of HP by 24.8% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 36,447 shares of the computer maker’s stock valued at $1,101,000 after acquiring an additional 7,239 shares during the last quarter. Finally, Mediolanum International Funds Ltd purchased a new position in shares of HP in the first quarter valued at approximately $663,000. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Trading Up 0.7 %

NYSE HPQ opened at $36.91 on Thursday. The stock has a fifty day simple moving average of $35.72 and a 200-day simple moving average of $34.59. The stock has a market cap of $35.57 billion, a PE ratio of 12.95, a P/E/G ratio of 2.46 and a beta of 1.07. HP Inc. has a twelve month low of $27.01 and a twelve month high of $39.52.

HP (NYSE:HPQ) last announced 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). The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $0.86 EPS. Research analysts predict that HP Inc. will post 3.39 EPS for the current year.

HP announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now directly owns 3 shares in the company, valued at $99.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

HPQ has been the subject of several recent research reports. Barclays reduced their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Morgan Stanley decreased 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 note on Thursday, August 29th. UBS Group upped their price objective on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. 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 note on Friday, September 27th. Finally, Loop Capital dropped their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, HP currently has a consensus rating of “Hold” and an average price target 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.