Patton Albertson Miller Group LLC Sells 8,507 Shares of HP Inc. (NYSE:HPQ)

Patton Albertson Miller Group LLC decreased its stake in HP Inc. (NYSE:HPQ) by 4.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 179,406 shares of the computer maker’s stock after selling 8,507 shares during the period. Patton Albertson Miller Group LLC’s holdings in HP were worth $6,435,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Ashton Thomas Securities LLC bought a new position in HP during the third quarter worth about $25,000. Triad Wealth Partners LLC bought a new position in HP during the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in HP during the second quarter worth about $34,000. Wolff Wiese Magana LLC grew its holdings in HP by 115.1% during the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after purchasing an additional 518 shares during the period. Finally, ORG Wealth Partners LLC bought a new position in HP during the third quarter worth about $37,000. Institutional investors own 77.53% of the company’s stock.

HP Trading Up 3.1 %

NYSE HPQ opened at $39.30 on Tuesday. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.79. The company has a market cap of $37.87 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 2.62 and a beta of 1.07. The company has a 50 day moving average of $36.47 and a 200-day moving average of $35.46.

HP (NYSE:HPQ) last announced 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). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows 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 leadership believes its stock is undervalued.

Insiders Place Their Bets

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 sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on HPQ. Morgan Stanley reduced their price target on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Tuesday, October 1st. UBS Group boosted their price objective on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Friday, September 27th. Finally, Loop Capital reduced their price objective on HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. One investment 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, the stock has a consensus rating of “Hold” and a consensus price target of $35.45.

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.