Teachers Retirement System of The State of Kentucky Has $2.55 Million Stock Position in HP Inc. (NYSE:HPQ)

Teachers Retirement System of The State of Kentucky cut its holdings in HP Inc. (NYSE:HPQ) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 72,790 shares of the computer maker’s stock after selling 1,892 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in HP were worth $2,549,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after acquiring an additional 3,062,441 shares during the period. Primecap Management Co. CA boosted its position in shares of HP by 6.2% during the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. LSV Asset Management boosted its position in shares of HP by 3.3% during the 1st quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock worth $383,028,000 after purchasing an additional 403,355 shares in the last quarter. Legal & General Group Plc grew its stake in shares of HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after buying an additional 1,089,848 shares during the period. Finally, Northern Trust Corp increased its position in HP by 0.4% in the 4th quarter. Northern Trust Corp now owns 10,172,444 shares of the computer maker’s stock valued at $306,089,000 after buying an additional 40,884 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors.

HP Stock Up 1.2 %

HPQ stock opened at $35.60 on Friday. The firm has a market cap of $34.84 billion, a PE ratio of 12.03, a P/E/G ratio of 2.35 and a beta of 1.07. The business has a 50 day moving average of $34.80 and a 200-day moving average of $33.34. HP Inc. has a 12-month low of $25.59 and a 12-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 (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). The business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share. On average, research analysts expect that HP Inc. will post 3.39 earnings per share for the current year.

HP declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Tuesday. Barclays decreased their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company 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 stock a “neutral” rating in a report on Thursday, August 29th. Loop Capital reduced their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Finally, Morgan Stanley lowered their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, HP currently has a consensus rating of “Hold” and an average target price of $35.55.

Insider Buying and Selling at HP

In related 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 value of $7,013,373.16. Following the sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate 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.