Victory Capital Management Inc. Decreases Holdings in HP Inc. (NYSE:HPQ)

Victory Capital Management Inc. lowered its holdings in HP Inc. (NYSE:HPQ) by 23.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,909,221 shares of the computer maker’s stock after selling 585,216 shares during the quarter. Victory Capital Management Inc. owned about 0.20% of HP worth $68,484,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Barnett & Company Inc. increased its stake in HP by 23.4% in the third quarter. Barnett & Company Inc. now owns 101,550 shares of the computer maker’s stock valued at $3,643,000 after purchasing an additional 19,260 shares during the last quarter. Aptus Capital Advisors LLC purchased a new position in shares of HP in the 3rd quarter valued at $312,000. Sumitomo Mitsui Trust Group Inc. raised its stake in HP by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,206,009 shares of the computer maker’s stock worth $79,130,000 after acquiring an additional 29,109 shares in the last quarter. Apollon Wealth Management LLC lifted its position in HP by 5.8% in the third quarter. Apollon Wealth Management LLC now owns 20,676 shares of the computer maker’s stock valued at $742,000 after acquiring an additional 1,129 shares during the last quarter. Finally, Tacita Capital Inc boosted its stake in HP by 28.8% in the third quarter. Tacita Capital Inc now owns 2,015 shares of the computer maker’s stock valued at $72,000 after acquiring an additional 450 shares in the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s 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 sale, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

HP Stock Down 0.9 %

Shares of NYSE:HPQ opened at $36.50 on Friday. HP Inc. has a fifty-two week low of $27.42 and a fifty-two week high of $39.52. The firm’s 50-day simple moving average is $35.87 and its 200-day simple moving average is $34.91. The company has a market cap of $35.17 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 2.54 and a beta of 1.07.

HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 EPS. On average, research analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP declared that its Board of Directors has authorized a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

HPQ has been the subject of several research reports. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a report on Friday, September 27th. JPMorgan Chase & Co. increased their price objective on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays cut their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Morgan Stanley decreased their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Finally, Loop Capital dropped their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, HP has an average rating of “Hold” and an average price target of $35.55.

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.