Elevation Wealth Partners LLC Trims Stake in HP Inc. (NYSE:HPQ)

Elevation Wealth Partners LLC lessened its position in shares of HP Inc. (NYSE:HPQ) by 2.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,259 shares of the computer maker’s stock after selling 435 shares during the quarter. Elevation Wealth Partners LLC’s holdings in HP were worth $694,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of HP by 8.2% in the 3rd quarter. State Street Corp now owns 51,801,428 shares of the computer maker’s stock valued at $1,871,046,000 after acquiring an additional 3,923,161 shares during the period. Geode Capital Management LLC increased its stake in HP by 11.1% in 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. Pacer Advisors Inc. raised its holdings in shares of HP by 4.2% in the fourth quarter. Pacer Advisors Inc. now owns 14,776,697 shares of the computer maker’s stock valued at $482,164,000 after buying an additional 592,391 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of 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 buying an additional 612,675 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of HP by 11.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock worth $241,876,000 after buying an additional 678,985 shares during the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

Wall Street Analysts Forecast Growth

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

HP Price Performance

HPQ opened at $32.26 on Monday. The stock’s 50 day simple moving average is $33.49 and its 200 day simple moving average is $34.94. The stock has a market cap of $30.25 billion, a P/E ratio of 11.48, a P/E/G ratio of 2.78 and a beta of 1.05. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.79.

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, meeting 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 during the quarter, compared to analysts’ expectations of $13.99 billion. During the same quarter last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Research analysts expect that HP Inc. will post 3.56 EPS for the current fiscal year.

HP Announces Dividend

The firm 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 $0.2894 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $1.16 annualized dividend and a dividend yield of 3.59%. HP’s dividend payout ratio is presently 40.93%.

Insider Transactions at HP

In related news, CEO Enrique Lores sold 137,094 shares of HP stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $36.45, for a total transaction of $4,997,076.30. Following the completion of the sale, the chief executive officer now owns 89,272 shares in the company, valued at approximately $3,253,964.40. This trade represents a 60.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kristen M. Ludgate sold 74,356 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $34.43, for a total transaction of $2,560,077.08. Following the completion of the transaction, the insider now directly owns 56,169 shares of the company’s stock, valued at $1,933,898.67. The trade was a 56.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 273,035 shares of company stock valued at $9,670,068 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

About HP

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.