Sumitomo Mitsui Trust Group Inc. Acquires 29,109 Shares of HP Inc. (NYSE:HPQ)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of HP Inc. (NYSE:HPQ) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,206,009 shares of the computer maker’s stock after acquiring an additional 29,109 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in HP were worth $79,130,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in HP in the third quarter worth approximately $25,000. Triad Wealth Partners LLC purchased a new stake in HP in the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in HP in the second quarter worth approximately $34,000. Wolff Wiese Magana LLC boosted its stake in HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after buying an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in HP in the third quarter worth approximately $37,000. Institutional investors own 77.53% of the company’s stock.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the 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 completion of the transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is owned by corporate insiders.

HP Stock Down 0.9 %

Shares of HPQ stock opened at $36.50 on Friday. The stock has a fifty day moving average of $35.87 and a 200 day moving average of $34.91. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52. The firm has a market capitalization of $35.17 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 2.54 and a beta of 1.07.

HP (NYSE:HPQ) last posted 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%. HP’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.86 EPS. Equities research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

HPQ has been the subject of several research reports. Morgan Stanley cut their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. UBS Group increased their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Tuesday, October 1st. Barclays dropped their price objective 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. Finally, Bank of America lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.55.

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.