Pinnacle Financial Partners Inc Has $429,000 Position in HP Inc. (NYSE:HPQ)

Pinnacle Financial Partners Inc grew its position in HP Inc. (NYSE:HPQ) by 3.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 11,946 shares of the computer maker’s stock after purchasing an additional 379 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in HP were worth $429,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in HP during the 3rd quarter worth $25,000. Triad Wealth Partners LLC acquired a new stake in shares of HP during the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in HP during the 2nd quarter worth approximately $34,000. Wolff Wiese Magana LLC raised its holdings in HP by 115.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after buying an additional 518 shares during the period. Finally, ORG Wealth Partners LLC bought a new position in HP in the third quarter valued at approximately $37,000. 77.53% of the stock is owned by institutional investors.

HP Trading Down 0.9 %

NYSE:HPQ opened at $36.50 on Friday. The stock has a market capitalization of $35.17 billion, a PE ratio of 12.81, a P/E/G ratio of 2.54 and a beta of 1.07. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.52. The firm has a fifty day simple moving average of $35.87 and a 200 day simple moving average of $34.91.

HP (NYSE:HPQ) last announced 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). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. During the same period last year, the business earned $0.86 EPS. The business’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts predict that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on HPQ shares. UBS Group raised their price objective on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Loop Capital dropped their price target on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their price objective on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Barclays dropped their target price 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. Finally, Citigroup downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.55.

Insider Buying and Selling at HP

In related 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 sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

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.