Caprock Group LLC Raises Holdings in HP Inc. (NYSE:HPQ)

Caprock Group LLC raised its position in HP Inc. (NYSE:HPQ) by 74.4% during the third quarter, HoldingsChannel reports. The firm owned 146,041 shares of the computer maker’s stock after purchasing an additional 62,323 shares during the period. Caprock Group LLC’s holdings in HP were worth $5,280,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new stake in shares of HP in the third quarter valued at about $25,000. Triad Wealth Partners LLC purchased a new position in HP in the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of HP during the 2nd quarter worth approximately $34,000. Wolff Wiese Magana LLC grew its position in shares of HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in shares of HP during the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Price Performance

NYSE HPQ opened at $37.43 on Tuesday. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.52. The stock has a 50-day moving average of $36.03 and a two-hundred day moving average of $35.15. The company has a market cap of $36.07 billion, a P/E ratio of 13.13, a P/E/G ratio of 2.51 and a beta of 1.07.

HP (NYSE:HPQ) last announced its quarterly 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 analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. On average, analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has initiated 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 repurchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on HPQ. Morgan Stanley decreased 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. UBS Group upped their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Tuesday, October 1st. Barclays decreased their price target 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. Finally, Loop Capital reduced their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, HP has an average rating of “Hold” and a consensus price target of $35.55.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred 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 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 document filed with the SEC, which is accessible through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

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.