Bridgewater Associates LP Boosts Stake in HP Inc. (NYSE:HPQ)

Bridgewater Associates LP raised its holdings in HP Inc. (NYSE:HPQ) by 2,649.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,318,599 shares of the computer maker’s stock after acquiring an additional 1,270,642 shares during the period. Bridgewater Associates LP’s holdings in HP were worth $47,298,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Ashton Thomas Securities LLC bought a new stake in HP during the third quarter valued at approximately $25,000. Triad Wealth Partners LLC bought a new stake in shares of HP during the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in HP in the second quarter worth $34,000. Wolff Wiese Magana LLC increased its stake in HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after acquiring an additional 518 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in HP during the third quarter valued at about $37,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Price Performance

NYSE HPQ opened at $39.08 on Wednesday. The stock has a market capitalization of $37.66 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.70 and a beta of 1.07. The business’s fifty day moving average price is $36.56 and its 200-day moving average price is $35.53. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.79.

HP (NYSE:HPQ) last issued its quarterly earnings results on Tuesday, November 26th. The computer maker reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. The business had revenue of $14.06 billion during the quarter, compared to analysts’ expectations of $13.99 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 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. Equities research analysts anticipate that HP Inc. will post 3.39 EPS for the current year.

HP announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were 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. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays cut their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. UBS Group lifted their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Morgan Stanley cut their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Citigroup lowered 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. Finally, Loop Capital reduced their target price 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 investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.45.

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.