HP Inc. (NYSE:HPQ) Shares Sold by Blueshift Asset Management LLC

Blueshift Asset Management LLC cut its holdings in shares of HP Inc. (NYSE:HPQ) by 71.9% in the 3rd quarter, Holdings Channel reports. The firm owned 19,984 shares of the computer maker’s stock after selling 51,248 shares during the period. Blueshift Asset Management LLC’s holdings in HP were worth $717,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of HP in the third quarter valued at $25,000. Triad Wealth Partners LLC acquired a new position in shares of HP in the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of HP during the second quarter worth $34,000. Wolff Wiese Magana LLC lifted its holdings in shares of HP by 115.1% during the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in shares of HP in the 3rd quarter valued at $37,000. 77.53% of the stock is currently owned by institutional investors.

HP Stock Down 11.4 %

HP stock opened at $34.66 on Thursday. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.79. The stock has a market cap of $33.40 billion, a P/E ratio of 12.16, a P/E/G ratio of 2.70 and a beta of 1.07. The company’s fifty day simple moving average is $36.56 and its 200-day simple moving average is $35.52.

HP (NYSE:HPQ) last issued its earnings results on Tuesday, November 26th. The computer maker reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm had revenue of $14.06 billion for the quarter, compared to the consensus estimate of $13.99 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be issued a $0.2894 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.16 dividend on an annualized basis and a yield of 3.34%. This is an increase from HP’s previous quarterly dividend of $0.28. HP’s dividend payout ratio is currently 38.60%.

HP announced that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in 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 usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley cut their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. 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 report on Friday, September 27th. Barclays raised their price objective on shares of HP from $32.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday. TD Cowen boosted their target price on shares of HP from $32.00 to $39.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Citigroup decreased their target price on HP from $37.00 to $36.50 and set a “neutral” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $36.32.

Insider Activity at HP

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. This represents a 100.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

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.