Icon Wealth Advisors LLC Reduces Holdings in HP Inc. (NYSE:HPQ)

Icon Wealth Advisors LLC reduced its stake in HP Inc. (NYSE:HPQ) by 86.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,705 shares of the computer maker’s stock after selling 23,588 shares during the quarter. Icon Wealth Advisors LLC’s holdings in HP were worth $133,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Primecap Management Co. CA raised its position in HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of HP by 11.4% in the 3rd quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after purchasing an additional 1,455,138 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of HP by 11.3% in the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after purchasing an additional 1,089,848 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of HP by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock valued at $294,253,000 after purchasing an additional 287,861 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of HP by 11.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock valued at $241,876,000 after purchasing an additional 678,985 shares during the period. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Stock Up 0.6 %

HPQ stock opened at $38.13 on Monday. The firm has a market cap of $36.75 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 2.61 and a beta of 1.07. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.52. The company’s fifty day simple moving average is $36.36 and its 200 day simple moving average is $35.40.

HP (NYSE:HPQ) last issued its quarterly earnings data 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 firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share. 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 initiated a stock repurchase program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. JPMorgan Chase & Co. decreased their target price on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Barclays dropped their price target on 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 increased their target price on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. 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. Finally, Loop Capital reduced their target price on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.45.

Insider Activity

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction 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 $99.48. This trade represents a 100.00 % decrease in their position. The sale 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.

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.