Philip James Wealth Mangement LLC Purchases New Position in HP Inc. (NYSE:HPQ)

Philip James Wealth Mangement LLC purchased a new position in HP Inc. (NYSE:HPQ) in the third quarter, Holdings Channel reports. The fund purchased 396,004 shares of the computer maker’s stock, valued at approximately $14,205,000. HP accounts for 1.7% of Philip James Wealth Mangement LLC’s holdings, making the stock its 9th biggest holding.

A number of other hedge funds also recently bought and sold shares of the business. Triad Wealth Partners LLC acquired a new stake in shares of HP in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in HP during the 2nd quarter worth approximately $34,000. Wolff Wiese Magana LLC lifted its position in shares of HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after acquiring an additional 518 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of HP in the third quarter valued at approximately $37,000. Finally, DecisionPoint Financial LLC acquired a new stake in shares of HP in the second quarter worth approximately $43,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insiders Place Their Bets

In other 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 completion of the sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

HP Price Performance

Shares of NYSE HPQ traded down $0.25 during midday trading on Friday, hitting $37.09. 220,259 shares of the company’s stock were exchanged, compared to its average volume of 7,740,046. The firm’s fifty day simple moving average is $35.72 and its 200-day simple moving average is $34.59. The company has a market cap of $35.74 billion, a PE ratio of 13.10, a P/E/G ratio of 2.46 and a beta of 1.07. HP Inc. has a twelve month low of $27.01 and a twelve month high of $39.52.

HP (NYSE:HPQ) last released 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 company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.86 EPS. Equities analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

HPQ has been the topic of a number of research reports. Morgan Stanley decreased their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Friday, September 27th. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Citigroup cut HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Tuesday, October 1st. Finally, Loop Capital reduced their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, HP currently has an average rating of “Hold” and a consensus price target of $35.55.

HP 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.