Kingsview Wealth Management LLC Sells 84,669 Shares of HP Inc. (NYSE:HPQ)

Kingsview Wealth Management LLC reduced its stake in HP Inc. (NYSE:HPQ) by 92.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,777 shares of the computer maker’s stock after selling 84,669 shares during the period. Kingsview Wealth Management LLC’s holdings in HP were worth $243,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in HPQ. Wedge Capital Management L L P NC acquired a new position in shares of HP during the 2nd quarter worth about $62,672,000. DME Capital Management LP boosted its stake in HP by 108.7% during the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after acquiring an additional 1,757,070 shares during the last quarter. Pacer Advisors Inc. grew its holdings in HP by 11.4% during 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. Primecap Management Co. CA increased its stake in HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in HP by 11.3% in the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after purchasing an additional 1,089,848 shares during the period. 77.53% of the stock is owned by institutional investors and hedge funds.

HP Price Performance

Shares of NYSE HPQ opened at $35.43 on Friday. The business has a 50-day moving average of $36.57 and a 200-day moving average of $35.56. The stock has a market capitalization of $34.14 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.40 and a beta of 1.07. HP Inc. has a fifty-two week low of $27.42 and a fifty-two week high of $39.79.

HP (NYSE:HPQ) last posted 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. The firm had revenue of $14.06 billion during the quarter, compared to the consensus estimate of $13.99 billion. HP had a negative return on equity of 253.39% and a net margin of 5.18%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. On average, sell-side analysts expect that HP Inc. will post 3.56 EPS for the current year.

HP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be given a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Wednesday, December 11th. This is an increase from HP’s previous quarterly dividend of $0.28. HP’s dividend payout ratio (DPR) is 40.93%.

HP announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

HPQ has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered 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. Citigroup lowered their price target on HP from $37.00 to $36.50 and set a “neutral” rating for the company in a report on Wednesday. Barclays lifted their price objective on HP from $32.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday. HSBC downgraded shares of HP from a “buy” rating to a “hold” rating and dropped their target price for the stock from $39.00 to $38.00 in a report on Friday. Finally, UBS Group increased their price objective on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $36.77.

Insider Transactions at HP

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. The trade was a 100.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is owned by company insiders.

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.