HP Inc. (NYSE:HPQ) Shares Bought by Pacer Advisors Inc.

Pacer Advisors Inc. raised its holdings in shares of HP Inc. (NYSE:HPQ) by 11.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,184,306 shares of the computer maker’s stock after buying an additional 1,455,138 shares during the quarter. HP comprises about 1.1% of Pacer Advisors Inc.’s portfolio, making the stock its 12th biggest holding. Pacer Advisors Inc.’s holdings in HP were worth $508,791,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Primecap Management Co. CA raised its holdings 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 acquiring an additional 1,319,731 shares during the last quarter. Legal & General Group Plc grew its position 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 in the last quarter. 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 last quarter. AQR Capital Management LLC lifted its position in HP by 4.1% during the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker’s stock worth $186,928,000 after buying an additional 213,116 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its stake in HP by 4.1% during the third quarter. AustralianSuper Pty Ltd now owns 4,199,076 shares of the computer maker’s stock worth $150,621,000 after buying an additional 165,407 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HPQ shares. JPMorgan Chase & Co. reduced their price target on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday. Bank of America downgraded shares of 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. Loop Capital dropped their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Morgan Stanley reduced their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Finally, UBS Group increased their price objective on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, HP has an average rating of “Hold” and a consensus target price of $35.45.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 100.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by company insiders.

HP Price Performance

Shares of NYSE:HPQ opened at $36.70 on Thursday. The firm’s 50-day moving average is $36.17 and its two-hundred day moving average is $35.22. HP Inc. has a 1 year low of $27.42 and a 1 year high of $39.52. The firm has a market capitalization of $35.36 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07.

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

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

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.