HP Inc. (HPQ) Position Lowered by Cambria Investment Management L.P.
Cambria Investment Management L.P. cut its position in shares of HP Inc. (NYSE:HPQ) by 10.7% in the first quarter, HoldingsChannel.com reports. The firm owned 48,522 shares of the computer maker’s stock after selling 5,832 shares during the quarter. Cambria Investment Management L.P.’s holdings in HP were worth $943,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Oak Associates Ltd. OH boosted its stake in shares of HP by 4.9% during the 4th quarter. Oak Associates Ltd. OH now owns 470,771 shares of the computer maker’s stock worth $9,632,000 after purchasing an additional 21,940 shares during the period. Clearstead Advisors LLC purchased a new position in shares of HP during the 4th quarter worth about $460,000. Westpac Banking Corp boosted its stake in shares of HP by 180.5% during the 4th quarter. Westpac Banking Corp now owns 382,337 shares of the computer maker’s stock worth $7,823,000 after purchasing an additional 246,033 shares during the period. CFO4Life Group LLC boosted its stake in shares of HP by 38.7% during the 4th quarter. CFO4Life Group LLC now owns 17,231 shares of the computer maker’s stock worth $353,000 after purchasing an additional 4,804 shares during the period. Finally, Inlet Private Wealth LLC boosted its stake in shares of HP by 28.0% during the 1st quarter. Inlet Private Wealth LLC now owns 51,216 shares of the computer maker’s stock worth $995,000 after purchasing an additional 11,216 shares during the period. 78.48% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Dion J. Weisler sold 36,799 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $20.00, for a total value of $735,980.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.
HP (NYSE:HPQ) last announced its quarterly earnings data on Thursday, May 23rd. The computer maker reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.02. HP had a net margin of 7.15% and a negative return on equity of 216.97%. The company had revenue of $14.04 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the business posted $0.48 EPS. The firm’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts forecast that HP Inc. will post 2.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 3rd. Stockholders of record on Wednesday, June 12th will be issued a $0.1602 dividend. The ex-dividend date of this dividend is Tuesday, June 11th. This represents a $0.64 annualized dividend and a dividend yield of 3.34%. HP’s dividend payout ratio is currently 31.68%.
HPQ has been the subject of a number of recent analyst reports. BMO Capital Markets reaffirmed a “hold” rating and set a $22.00 price target on shares of HP in a research note on Wednesday, February 27th. Bank of America cut shares of HP from a “buy” rating to an “underperform” rating and set a $19.00 price target for the company. in a research note on Thursday, February 28th. ValuEngine cut shares of HP from a “hold” rating to a “sell” rating in a research note on Thursday, February 28th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of HP in a report on Thursday, February 28th. Finally, Zacks Investment Research upgraded shares of HP from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $25.71.
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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.
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