Custom Index Systems LLC Cuts Stake in HP Inc. (NYSE:HPQ)

Custom Index Systems LLC lessened its stake in shares of HP Inc. (NYSE:HPQ) by 10.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,499 shares of the computer maker’s stock after selling 2,673 shares during the quarter. Custom Index Systems LLC’s holdings in HP were worth $734,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp lifted its position in HP by 8.2% during the 3rd quarter. State Street Corp now owns 51,801,428 shares of the computer maker’s stock worth $1,871,046,000 after acquiring an additional 3,923,161 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of HP by 11.1% during the third quarter. Geode Capital Management LLC now owns 24,770,491 shares of the computer maker’s stock valued at $885,877,000 after purchasing an additional 2,477,977 shares during the period. KBC Group NV lifted its position in shares of HP by 145.1% during the fourth quarter. KBC Group NV now owns 3,555,989 shares of the computer maker’s stock worth $116,031,000 after purchasing an additional 2,105,104 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of HP by 11.4% in the third 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. Finally, Bridgewater Associates LP grew its holdings in HP by 2,649.5% during the 3rd quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock valued at $47,298,000 after purchasing an additional 1,270,642 shares in the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Stock Down 0.9 %

Shares of NYSE:HPQ opened at $32.51 on Friday. The firm has a 50-day simple moving average of $34.03 and a 200 day simple moving average of $35.18. HP Inc. has a fifty-two week low of $27.42 and a fifty-two week high of $39.79. The company has a market cap of $30.48 billion, a PE ratio of 11.57, a P/E/G ratio of 2.78 and a beta of 1.05.

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

HP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.2894 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $1.16 annualized dividend and a dividend yield of 3.56%. HP’s dividend payout ratio is currently 41.28%.

Analysts Set New Price Targets

A number of research firms have weighed in on HPQ. HSBC cut shares of HP from a “buy” rating to a “hold” rating and decreased their price objective for the company from $39.00 to $38.00 in a research report on Friday, November 29th. TD Cowen raised their price objective on HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday, November 27th. Hsbc Global Res downgraded HP from a “strong-buy” rating to a “hold” rating in a report on Friday, November 29th. Citigroup reduced their target price on HP from $37.00 to $36.50 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. dropped their price target on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $36.23.

Insider Activity at HP

In other HP news, insider Alex Cho sold 10,298 shares of HP stock in a transaction on Friday, November 29th. The stock was sold at an average price of $34.32, for a total transaction of $353,427.36. Following the sale, the insider now owns 64,676 shares of the company’s stock, valued at $2,219,680.32. The trade was a 13.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Enrique Lores sold 137,094 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $36.45, for a total value of $4,997,076.30. Following the completion of the transaction, the chief executive officer now directly owns 89,272 shares of the company’s stock, valued at approximately $3,253,964.40. The trade was a 60.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,035 shares of company stock worth $9,670,068 in the last ninety days. 0.41% of the stock is owned by insiders.

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.