Arvest Investments Inc. Increases Holdings in HP Inc. (NYSE:HPQ)

Arvest Investments Inc. grew its holdings in shares of HP Inc. (NYSE:HPQ) by 0.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,355 shares of the computer maker’s stock after buying an additional 310 shares during the quarter. Arvest Investments Inc.’s holdings in HP were worth $1,232,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. State of New Jersey Common Pension Fund D raised its position in shares of HP by 3.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 359,278 shares of the computer maker’s stock valued at $12,887,000 after buying an additional 10,336 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in HP by 0.9% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 692,222 shares of the computer maker’s stock valued at $24,830,000 after purchasing an additional 6,201 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new position in HP during the 3rd quarter valued at about $244,000. Atria Investments Inc grew its holdings in HP by 8.2% during the 3rd quarter. Atria Investments Inc now owns 61,848 shares of the computer maker’s stock valued at $2,218,000 after purchasing an additional 4,712 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in HP by 40.8% during the 3rd quarter. Assetmark Inc. now owns 132,269 shares of the computer maker’s stock valued at $4,745,000 after purchasing an additional 38,331 shares during the last quarter. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HPQ has been the topic of several analyst reports. Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Tuesday, October 1st. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Friday, September 27th. Loop Capital cut their price target 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. UBS Group upped their price target on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, Barclays dropped their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.55.

HP Trading Down 1.4 %

Shares of NYSE HPQ traded down $0.52 during midday trading on Friday, reaching $36.82. The company had a trading volume of 5,489,610 shares, compared to its average volume of 5,784,349. The business’s 50-day simple moving average is $35.77 and its 200 day simple moving average is $34.72. The stock has a market cap of $35.48 billion, a P/E ratio of 12.92, a P/E/G ratio of 2.53 and a beta of 1.07. HP Inc. has a 1 year low of $27.01 and a 1 year high of $39.52.

HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. Analysts predict that HP Inc. will post 3.39 earnings per share for the current year.

HP declared that its board has authorized a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the computer maker to buy up to 28.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the 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 in the company, valued at $99.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company 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.