HP Inc. (HPQ) Position Trimmed by Rafferty Asset Management LLC
Rafferty Asset Management LLC reduced its position in HP Inc. (NYSE:HPQ) by 20.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 298,354 shares of the computer maker’s stock after selling 76,523 shares during the quarter. Rafferty Asset Management LLC’s holdings in HP were worth $5,215,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in HP by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 121,687,604 shares of the computer maker’s stock worth $2,175,775,000 after purchasing an additional 2,122,269 shares during the period. BlackRock Inc. increased its position in shares of HP by 2.5% during the second quarter. BlackRock Inc. now owns 108,599,783 shares of the computer maker’s stock worth $1,898,325,000 after acquiring an additional 2,608,983 shares during the period. State Street Corp increased its position in shares of HP by 0.7% during the first quarter. State Street Corp now owns 79,522,135 shares of the computer maker’s stock worth $1,421,893,000 after acquiring an additional 515,648 shares during the period. Primecap Management Co. CA increased its position in shares of HP by 3.5% during the first quarter. Primecap Management Co. CA now owns 63,851,245 shares of the computer maker’s stock worth $1,141,660,000 after acquiring an additional 2,163,147 shares during the period. Finally, American International Group Inc. increased its position in shares of HP by 1.6% during the first quarter. American International Group Inc. now owns 29,056,041 shares of the computer maker’s stock worth $519,522,000 after acquiring an additional 457,514 shares during the period. 79.18% of the stock is currently owned by institutional investors.
HP Inc. (HPQ) traded down 0.31% during midday trading on Tuesday, hitting $19.53. 1,377,807 shares of the stock traded hands. HP Inc. has a one year low of $13.77 and a one year high of $19.78. The company has a 50-day moving average price of $19.17 and a 200 day moving average price of $18.43. The stock has a market cap of $32.62 billion, a price-to-earnings ratio of 14.19 and a beta of 1.93.
HP (NYSE:HPQ) last issued its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.01. HP had a net margin of 4.66% and a negative return on equity of 64.93%. The business had revenue of $13.06 billion during the quarter, compared to analysts’ expectations of $12.31 billion. During the same quarter in the prior year, the business posted $0.48 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities research analysts anticipate that HP Inc. will post $1.65 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be issued a $0.1327 dividend. This represents a $0.53 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Tuesday, September 12th. HP’s payout ratio is 38.41%.
HPQ has been the topic of a number of research reports. FBN Securities reaffirmed an “outperform” rating and set a $23.00 target price (up from $19.00) on shares of HP in a research report on Sunday, May 28th. Deutsche Bank AG reaffirmed a “buy” rating on shares of HP in a research report on Thursday, August 24th. Zacks Investment Research raised shares of HP from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Wednesday, July 12th. Mizuho raised shares of HP from a “neutral” rating to a “buy” rating and raised their target price for the stock from $20.00 to $21.00 in a research report on Monday, July 10th. Finally, BidaskClub raised shares of HP from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Ten equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. HP has a consensus rating of “Buy” and a consensus target price of $20.57.
In other news, Director Margaret C. Whitman sold 73,992 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $17.70, for a total value of $1,309,658.40. Following the completion of the transaction, the director now owns 544,881 shares in the company, valued at approximately $9,644,393.70. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Margaret C. Whitman sold 147,968 shares of the company’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $18.00, for a total transaction of $2,663,424.00. Following the completion of the transaction, the director now owns 618,857 shares of the company’s stock, valued at approximately $11,139,426. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,661,600 shares of company stock valued at $31,095,035. Company insiders own 0.62% of the company’s stock.
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HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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