ING Groep NV Reduces Stake in HP Inc. (NYSE:HPQ)

ING Groep NV trimmed its stake in HP Inc. (NYSE:HPQ) by 71.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 132,537 shares of the computer maker’s stock after selling 336,260 shares during the period. ING Groep NV’s holdings in HP were worth $4,754,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of HPQ. Vanguard Group Inc. boosted its stake in HP by 2.6% during the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after buying an additional 3,062,441 shares during the period. Primecap Management Co. CA boosted its stake in shares of HP by 6.2% during the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after purchasing an additional 1,319,731 shares during the period. Legal & General Group Plc grew its holdings in HP by 11.3% during the 2nd 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 last quarter. Bank of New York Mellon Corp raised its position in HP by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after purchasing an additional 287,861 shares during the period. Finally, AQR Capital Management LLC lifted its stake in HP by 4.1% in the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock worth $186,928,000 after purchasing an additional 213,116 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Stock Performance

NYSE:HPQ opened at $36.72 on Friday. The firm has a 50-day simple moving average of $35.91 and a 200-day simple moving average of $34.92. HP Inc. has a one year low of $27.42 and a one year high of $39.52. The firm has a market cap of $35.39 billion, a P/E ratio of 12.88, a P/E/G ratio of 2.52 and a beta of 1.07.

HP (NYSE:HPQ) last issued its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 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 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 business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.86 EPS. On average, research analysts predict that HP Inc. will post 3.39 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction that occurred 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 transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. The trade was a 100.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

HPQ has been the topic of a number of analyst reports. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Friday, September 27th. Barclays cut their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. JPMorgan Chase & Co. lifted their target price on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. UBS Group upped their price target on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Loop Capital decreased their price objective on shares of 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 issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.