Oppenheimer Asset Management Inc. Purchases 7,924 Shares of HP Inc. (NYSE:HPQ)

Oppenheimer Asset Management Inc. boosted its holdings in shares of HP Inc. (NYSE:HPQ) by 108.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,213 shares of the computer maker’s stock after acquiring an additional 7,924 shares during the period. Oppenheimer Asset Management Inc.’s holdings in HP were worth $546,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in HPQ. Primecap Management Co. CA raised its holdings in 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 buying an additional 1,319,731 shares during the period. Legal & General Group Plc increased its holdings in HP by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after purchasing an additional 1,089,848 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of HP by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after buying an additional 287,861 shares in the last quarter. AQR Capital Management LLC raised its position in HP by 4.1% in the 2nd quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock valued at $186,928,000 after buying an additional 213,116 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in HP by 4.1% in the 3rd quarter. AustralianSuper Pty Ltd now owns 4,199,076 shares of the computer maker’s stock valued at $150,621,000 after acquiring an additional 165,407 shares in the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on HPQ. JPMorgan Chase & Co. lifted their price objective on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Friday, September 27th. Barclays dropped their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. UBS Group boosted their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, HP has a consensus rating of “Hold” and a consensus price target of $35.55.

HP Stock Down 1.5 %

Shares of HPQ stock opened at $36.87 on Wednesday. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.52. The firm has a 50 day moving average price of $36.10 and a two-hundred day moving average price of $35.21. The company has a market capitalization of $35.53 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07.

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 analysts’ consensus estimates 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 net margin of 5.33% and a negative return on equity of 266.37%. 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 posted $0.86 EPS. As a group, research analysts expect that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has approved a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at HP

In related news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total value of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.