Consolidated Planning Corp Invests $4.91 Million in HP Inc. (NYSE:HPQ)

Consolidated Planning Corp purchased a new stake in shares of HP Inc. (NYSE:HPQ) in the third quarter, Holdings Channel reports. The firm purchased 136,889 shares of the computer maker’s stock, valued at approximately $4,910,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in HP by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after purchasing an additional 3,062,441 shares during the period. Wedge Capital Management L L P NC purchased a new stake in HP during the second quarter worth about $62,672,000. DME Capital Management LP raised its position 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 worth $118,124,000 after acquiring an additional 1,757,070 shares during the period. Primecap Management Co. CA boosted its stake in HP by 6.2% in the second 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. Finally, Legal & General Group Plc grew its position in shares of HP by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after acquiring an additional 1,089,848 shares during the period. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Stock Performance

Shares of NYSE:HPQ opened at $37.35 on Friday. The firm has a fifty day moving average of $35.72 and a 200 day moving average of $34.59. HP Inc. has a 52-week low of $27.01 and a 52-week high of $39.52. The firm has a market capitalization of $35.99 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 2.46 and a beta of 1.07.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.86 EPS. On average, sell-side analysts forecast that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on HPQ. Barclays dropped their price target 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. UBS Group lifted their price objective on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Bank of America lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Friday, September 27th. Finally, Loop Capital decreased their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, HP currently has a consensus rating of “Hold” and a consensus target price of $35.55.

About HP

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.