HP Inc. (NYSE:HPQ) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. reduced its stake in HP Inc. (NYSE:HPQ) by 9.9% during the 3rd quarter, Holdings Channel reports. The fund 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. LVW Advisors LLC grew its holdings in HP by 1.2% during the 3rd quarter. LVW Advisors LLC now owns 23,884 shares of the computer maker’s stock worth $857,000 after acquiring an additional 278 shares in the last quarter. Castleview Partners LLC lifted its position in shares of HP by 8.1% during the 3rd quarter. Castleview Partners LLC now owns 3,856 shares of the computer maker’s stock worth $138,000 after purchasing an additional 289 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of HP by 5.9% during the third quarter. Versant Capital Management Inc now owns 5,321 shares of the computer maker’s stock worth $191,000 after purchasing an additional 297 shares in the last quarter. WMG Financial Advisors LLC increased its holdings in HP by 4.2% in the second quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after buying an additional 315 shares during the last quarter. Finally, Old Port Advisors lifted its holdings in HP by 3.4% during the 3rd quarter. Old Port Advisors now owns 9,612 shares of the computer maker’s stock worth $345,000 after buying an additional 317 shares during the last quarter. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction dated 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 $99.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HPQ. Loop Capital dropped their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Morgan Stanley dropped 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. Barclays reduced their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, HP presently has an average rating of “Hold” and an average target price of $35.55.

HP Stock Up 0.7 %

Shares of HPQ stock opened at $36.91 on Thursday. The stock’s 50-day moving average price is $35.72 and its 200 day moving average price is $34.59. The stock has a market capitalization of $35.57 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 2.46 and a beta of 1.07. HP Inc. has a 52-week low of $27.01 and a 52-week high of $39.52.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. During the same period in the previous year, the firm posted $0.86 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. Analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

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.