Asset Management Group Inc. Trims Stock Position in HP Inc. (NYSE:HPQ)

Asset Management Group Inc. cut its holdings in HP Inc. (NYSE:HPQ) by 8.7% during the first quarter, HoldingsChannel reports. The fund owned 11,185 shares of the computer maker’s stock after selling 1,066 shares during the period. Asset Management Group Inc.’s holdings in HP were worth $328,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in HPQ. Moneta Group Investment Advisors LLC grew its holdings in shares of HP by 114,461.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 11,538,630 shares of the computer maker’s stock worth $310,043,000 after purchasing an additional 11,528,558 shares during the period. Norges Bank purchased a new position in HP during the fourth quarter worth about $151,025,000. Morgan Stanley increased its position in shares of HP by 22.5% during the fourth quarter. Morgan Stanley now owns 14,639,525 shares of the computer maker’s stock valued at $393,364,000 after acquiring an additional 2,686,976 shares during the last quarter. BlackRock Inc. raised its stake in shares of HP by 2.4% in the 1st quarter. BlackRock Inc. now owns 92,440,460 shares of the computer maker’s stock valued at $2,713,127,000 after acquiring an additional 2,170,423 shares during the period. Finally, Citigroup Inc. lifted its holdings in shares of HP by 106.0% in the 1st quarter. Citigroup Inc. now owns 2,334,602 shares of the computer maker’s stock worth $68,521,000 after acquiring an additional 1,201,415 shares during the last quarter. Institutional investors and hedge funds own 76.04% of the company’s stock.

HP Stock Up 0.4 %

NYSE HPQ opened at $29.45 on Friday. HP Inc. has a 52 week low of $24.08 and a 52 week high of $33.90. The firm has a 50 day moving average of $31.75 and a two-hundred day moving average of $30.31. The stock has a market capitalization of $29.04 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 2.22 and a beta of 1.02.

HP (NYSE:HPQ) last issued its earnings results on Tuesday, August 29th. The computer maker reported $0.86 EPS for the quarter, hitting analysts’ consensus estimates of $0.86. The firm had revenue of $13.20 billion during the quarter, compared to the consensus estimate of $13.38 billion. HP had a net margin of 4.23% and a negative return on equity of 114.62%. The company’s revenue was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. On average, equities research analysts expect that HP Inc. will post 3.31 earnings per share for the current fiscal year.

HP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be paid a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, September 12th. HP’s payout ratio is 45.26%.

Analyst Upgrades and Downgrades

HPQ has been the subject of several research reports. Morgan Stanley dropped their target price on shares of HP from $32.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday, August 30th. 58.com reiterated a “maintains” rating on shares of HP in a report on Wednesday, May 31st. Deutsche Bank Aktiengesellschaft lowered their target price on HP from $32.00 to $30.00 and set a “hold” rating for the company in a report on Wednesday, August 30th. JPMorgan Chase & Co. cut their price target on shares of HP from $40.00 to $39.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 30th. Finally, Bank of America dropped their price objective on shares of HP from $27.00 to $25.00 and set an “underperform” rating for the company in a report on Wednesday, August 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, HP currently has an average rating of “Hold” and a consensus target price of $29.73.

Insider Activity at HP

In other HP news, insider Alex Cho sold 22,490 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $30.50, for a total transaction of $685,945.00. Following the sale, the insider now owns 22,003 shares of the company’s stock, valued at $671,091.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other HP news, insider Alex Cho sold 22,490 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $30.50, for a total transaction of $685,945.00. Following the transaction, the insider now owns 22,003 shares of the company’s stock, valued at $671,091.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Marie Myers sold 4,165 shares of HP stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $30.00, for a total value of $124,950.00. Following the sale, the chief financial officer now owns 22,281 shares in the company, valued at approximately $668,430. The disclosure for this sale can be found here. Insiders sold 198,620 shares of company stock valued at $6,111,755 over the last three months. 0.32% of the stock is owned by corporate insiders.

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.