Cadence Bank Reduces Stake in HP Inc. (NYSE:HPQ)

Cadence Bank trimmed its holdings in HP Inc. (NYSE:HPQ) by 8.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,256 shares of the computer maker’s stock after selling 2,972 shares during the quarter. Cadence Bank’s holdings in HP were worth $975,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina increased its position in shares of HP by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 401,809 shares of the computer maker’s stock worth $12,090,000 after purchasing an additional 4,102 shares in the last quarter. Alaska Permanent Fund Corp boosted its holdings in shares of HP by 1.4% in the fourth quarter. Alaska Permanent Fund Corp now owns 79,291 shares of the computer maker’s stock valued at $2,386,000 after acquiring an additional 1,091 shares during the period. Daiwa Securities Group Inc. grew its position in shares of HP by 27.5% during the first quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock worth $3,213,000 after acquiring an additional 22,909 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of HP by 87.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 765,799 shares of the computer maker’s stock valued at $22,960,000 after acquiring an additional 358,231 shares during the period. Finally, Flputnam Investment Management Co. purchased a new stake in HP in the 4th quarter valued at $211,000. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Price Performance

Shares of NYSE HPQ traded up $0.09 during trading on Friday, hitting $36.34. 7,184,349 shares of the company were exchanged, compared to its average volume of 8,004,163. HP Inc. has a 1 year low of $25.22 and a 1 year high of $39.52. The company has a market cap of $35.56 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 2.41 and a beta of 1.09. The firm’s fifty day moving average price is $35.57 and its 200 day moving average price is $31.42.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, May 29th. The computer maker reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. HP had a net margin of 5.60% and a negative return on equity of 230.39%. The firm had revenue of $12.80 billion for the quarter, compared to the consensus estimate of $12.61 billion. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm’s revenue was down .8% on a year-over-year basis. On average, research analysts forecast that HP Inc. will post 3.45 earnings per share for the current year.

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be issued a dividend of $0.2756 per share. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.10 annualized dividend and a yield of 3.03%. HP’s dividend payout ratio is presently 37.16%.

Insider Buying and Selling at HP

In other news, insider Alex Cho sold 173,137 shares of HP stock in a transaction on Friday, June 21st. The stock was sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the completion of the transaction, the insider now owns 64,676 shares of the company’s stock, valued at approximately $2,335,450.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on HPQ shares. JPMorgan Chase & Co. lifted their price objective on shares of HP from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Barclays boosted their price target on HP from $30.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. UBS Group increased their price objective on HP from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Bank of America boosted their target price on HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Wells Fargo & Company increased their price target on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.64.

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.