Allstate Corp Acquires New Position in HP Inc. (NYSE:HPQ)

Allstate Corp bought a new position in shares of HP Inc. (NYSE:HPQ) during the fourth quarter, Holdings Channel reports. The fund bought 27,940 shares of the computer maker’s stock, valued at approximately $912,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Synergy Asset Management LLC purchased a new stake in shares of HP during the 4th quarter valued at approximately $26,000. Stonebridge Financial Group LLC purchased a new position in HP in the fourth quarter worth approximately $31,000. Itau Unibanco Holding S.A. acquired a new stake in HP during the third quarter worth $40,000. OFI Invest Asset Management purchased a new stake in HP in the fourth quarter valued at $37,000. Finally, Wingate Wealth Advisors Inc. acquired a new position in shares of HP in the 4th quarter valued at $50,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at HP

In other news, insider Stephanie Liebman sold 15,646 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $29.00, for a total value of $453,734.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anneliese Olson sold 21,545 shares of the business’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $28.49, for a total value of $613,817.05. Following the sale, the insider now owns 169 shares of the company’s stock, valued at approximately $4,814.81. The trade was a 99.22 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

HP Price Performance

Shares of NYSE HPQ opened at $27.71 on Tuesday. The stock’s 50-day moving average is $31.38 and its two-hundred day moving average is $33.94. The company has a market cap of $26.13 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 2.96 and a beta of 1.09. HP Inc. has a 1-year low of $27.30 and a 1-year high of $39.80.

HP (NYSE:HPQ) last issued its earnings results on Thursday, February 27th. The computer maker reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The firm had revenue of $13.50 billion for the quarter, compared to analysts’ expectations of $13.35 billion. Equities research analysts anticipate that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th will be paid a dividend of $0.2894 per share. The ex-dividend date is Wednesday, March 12th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.18%. HP’s payout ratio is currently 41.37%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HPQ. Wells Fargo & Company boosted their price objective on shares of HP from $30.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Sanford C. Bernstein lifted their price target on shares of HP from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 3rd. TD Cowen decreased their price objective on shares of HP from $39.00 to $38.00 and set a “hold” rating on the stock in a report on Friday, February 28th. Morgan Stanley lowered their price objective on shares of HP from $36.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Finally, Loop Capital cut their target price on HP from $35.00 to $30.00 and set a “hold” rating on the stock in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.14.

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.