Northwest & Ethical Investments L.P. Has $9.65 Million Stock Position in HP Inc. (NYSE:HPQ)

Northwest & Ethical Investments L.P. lessened its stake in HP Inc. (NYSE:HPQ) by 17.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 269,088 shares of the computer maker’s stock after selling 57,567 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in HP were worth $9,652,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Primecap Management Co. CA lifted 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. Pacer Advisors Inc. raised its holdings in shares of HP by 11.4% in the 3rd quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock valued at $508,791,000 after purchasing an additional 1,455,138 shares during the period. Legal & General Group Plc lifted its stake in HP by 11.3% in 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 purchasing an additional 1,089,848 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in HP by 7.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,581,422 shares of the computer maker’s stock worth $307,816,000 after purchasing an additional 612,675 shares during the period. Finally, Bank of New York Mellon Corp increased its position in HP by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after buying an additional 287,861 shares during the last quarter. 77.53% of the stock is owned by institutional investors.

HP Stock Down 11.4 %

NYSE HPQ opened at $34.66 on Friday. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.79. The firm has a 50-day moving average price of $36.56 and a two-hundred day moving average price of $35.52. The company has a market capitalization of $33.40 billion, a P/E ratio of 12.33, a P/E/G ratio of 2.40 and a beta of 1.07.

HP (NYSE:HPQ) last issued its quarterly earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. HP had a negative return on equity of 253.39% and a net margin of 5.18%. The business had revenue of $14.06 billion for the quarter, compared to the consensus estimate of $13.99 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities analysts expect that HP Inc. will post 3.56 EPS for the current year.

HP declared that its board has approved a share repurchase program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

HP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Wednesday, December 11th. This is an increase from HP’s previous quarterly dividend of $0.28. HP’s payout ratio is 39.15%.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HPQ shares. Citigroup cut their price objective on HP from $37.00 to $36.50 and set a “neutral” rating for the company in a research report on Wednesday. Barclays raised their price target on HP from $32.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. TD Cowen raised their target price on shares of HP from $32.00 to $39.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Friday, September 27th. One research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $36.32.

HP Company 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.