Ensign Peak Advisors Inc Lowers Stock Position in HP Inc. (NYSE:HPQ)

Ensign Peak Advisors Inc cut its holdings in HP Inc. (NYSE:HPQ) by 13.8% during the second quarter, Holdings Channel reports. The institutional investor owned 223,586 shares of the computer maker’s stock after selling 35,839 shares during the quarter. Ensign Peak Advisors Inc’s holdings in HP were worth $7,830,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of HPQ. Vanguard Group Inc. increased its stake in shares of HP by 2.6% during the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. Schroder Investment Management Group increased its position in HP by 1,472.4% during the 4th quarter. Schroder Investment Management Group now owns 2,264,081 shares of the computer maker’s stock valued at $68,126,000 after buying an additional 2,120,096 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in HP during the second quarter valued at $62,672,000. DAVENPORT & Co LLC boosted its holdings in HP by 10,188.2% in the first quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock worth $53,680,000 after acquiring an additional 1,760,631 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of HP by 181.6% in the fourth quarter. KBC Group NV now owns 2,263,542 shares of the computer maker’s stock worth $68,110,000 after acquiring an additional 1,459,775 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors.

HP Stock Up 2.1 %

HP stock opened at $35.84 on Wednesday. The company’s 50-day moving average price is $35.06 and its 200-day moving average price is $33.13. The company has a market cap of $35.07 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07. HP Inc. has a twelve month low of $25.22 and a twelve month high of $39.52.

HP (NYSE:HPQ) last issued its quarterly earnings data 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 the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 earnings per share. As a group, sell-side analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

HPQ has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. 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 report on Thursday, August 29th. Bank of America boosted their price objective on shares of HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. UBS Group boosted their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. increased their price objective on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.55.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s 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 transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

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.