Caisse DE Depot ET Placement DU Quebec Sells 768,290 Shares of HP Inc. (NYSE:HPQ)

Caisse DE Depot ET Placement DU Quebec decreased its holdings in HP Inc. (NYSE:HPQ) by 65.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 411,252 shares of the computer maker’s stock after selling 768,290 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in HP were worth $14,752,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Wedge Capital Management L L P NC bought a new stake in shares of HP in the second quarter worth $62,672,000. DME Capital Management LP grew its holdings in shares of HP by 108.7% in the second 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 period. Pacer Advisors Inc. grew its holdings in shares of HP by 11.4% in the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock worth $508,791,000 after acquiring an additional 1,455,138 shares during the period. Primecap Management Co. CA grew its holdings in shares of HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after acquiring an additional 1,319,731 shares during the period. Finally, Bridgewater Associates LP grew its holdings in shares of HP by 2,649.5% in the third quarter. Bridgewater Associates LP now owns 1,318,599 shares of the computer maker’s stock worth $47,298,000 after acquiring an additional 1,270,642 shares during the period. Institutional investors own 77.53% of the company’s stock.

HP Stock Up 2.2 %

Shares of HP stock opened at $35.43 on Monday. The stock’s 50-day simple moving average is $36.57 and its 200-day simple moving average is $35.62. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.79. The company has a market capitalization of $34.14 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.46 and a beta of 1.07.

HP (NYSE:HPQ) last announced its quarterly earnings data on Tuesday, November 26th. The computer maker reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. The business had revenue of $14.06 billion for 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% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share. On average, equities analysts expect that HP Inc. will post 3.53 earnings per share for the current year.

HP announced that its Board of Directors has authorized a stock buyback 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 purchase up to 28.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

HP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a $0.2894 dividend. This is an increase from HP’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Wednesday, December 11th. HP’s payout ratio is currently 39.15%.

Insider Buying and Selling

In related news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $33.16, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

HPQ has been the subject of several research analyst reports. HSBC lowered HP from a “buy” rating to a “hold” rating and cut their price objective for the stock from $39.00 to $38.00 in a report on Friday. JPMorgan Chase & Co. cut their price target on HP from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. TD Cowen boosted their price target on HP from $32.00 to $39.00 and gave the company a “hold” rating in a report on Wednesday, November 27th. Citigroup cut their price target on HP from $37.00 to $36.50 and set a “neutral” rating for the company in a report on Wednesday, November 27th. Finally, Morgan Stanley cut their price target on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, HP presently has a consensus rating of “Hold” and an average target price of $36.77.

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.