6,891 Shares in HP Inc. (NYSE:HPQ) Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC bought a new stake in HP Inc. (NYSE:HPQ) during the third quarter, HoldingsChannel.com reports. The fund bought 6,891 shares of the computer maker’s stock, valued at approximately $247,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Triad Wealth Partners LLC acquired a new stake in HP during the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of HP in the 2nd quarter valued at approximately $34,000. Wolff Wiese Magana LLC boosted its holdings in shares of HP by 115.1% in 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 in the last quarter. ORG Wealth Partners LLC bought a new position in HP in the third quarter valued at about $37,000. Finally, DecisionPoint Financial LLC bought a new position in shares of HP in the second quarter worth about $43,000. Institutional investors own 77.53% of the company’s stock.

HP Price Performance

NYSE:HPQ opened at $37.67 on Tuesday. The firm has a market capitalization of $36.30 billion, a P/E ratio of 13.22, a PEG ratio of 2.52 and a beta of 1.07. The company’s 50-day simple moving average is $35.77 and its 200 day simple moving average is $34.77. HP Inc. has a one year low of $27.42 and a one year high of $39.52.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 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 the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 earnings per share. On average, equities research analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has initiated a share buyback plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to buy up to 28.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. UBS Group raised their price objective on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Barclays lowered their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Morgan Stanley reduced their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, Bank of America cut 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. One equities research 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $35.55.

Insider Activity

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction that occurred 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 sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

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.