True Wealth Design LLC Reduces Holdings in HP Inc. (NYSE:HPQ)

True Wealth Design LLC cut its position in HP Inc. (NYSE:HPQ) by 96.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 946 shares of the computer maker’s stock after selling 28,035 shares during the quarter. True Wealth Design LLC’s holdings in HP were worth $34,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Wedge Capital Management L L P NC purchased a new position in HP in the 2nd quarter valued at about $62,672,000. DME Capital Management LP boosted its holdings in HP by 108.7% in the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock valued at $118,124,000 after purchasing an additional 1,757,070 shares during the last quarter. Pacer Advisors Inc. grew its stake in HP by 11.4% during 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 in the last quarter. Primecap Management Co. CA grew its stake in HP by 6.2% during 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. Finally, Bridgewater Associates LP increased its holdings in HP by 2,649.5% during the 3rd quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock worth $47,298,000 after purchasing an additional 1,270,642 shares during the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research firms have recently commented on HPQ. TD Cowen increased their target price on HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Hsbc Global Res downgraded shares of HP from a “strong-buy” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. dropped their target price on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Loop Capital reduced their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $36.77.

HP Trading Up 2.2 %

Shares of HP stock opened at $35.43 on Monday. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.79. The stock has a market capitalization of $34.14 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.46 and a beta of 1.07. The business’s 50 day simple moving average is $36.57 and its 200-day simple moving average is $35.62.

HP (NYSE:HPQ) last issued its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. HP had a negative return on equity of 253.39% and a net margin of 5.18%. The firm had revenue of $14.06 billion for the quarter, compared to analyst estimates of $13.99 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Sell-side analysts predict that HP Inc. will post 3.53 earnings per share for the current year.

HP declared that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to buy up to 28.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

HP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.2894 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.27%. This is a positive change from HP’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, December 11th. HP’s payout ratio is presently 39.15%.

HP Company 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.