Maverick Capital Ltd. Has $2.66 Million Position in HP Inc. (NYSE:HPQ)

Maverick Capital Ltd. cut its holdings in HP Inc. (NYSE:HPQ) by 25.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 74,077 shares of the computer maker’s stock after selling 24,884 shares during the quarter. Maverick Capital Ltd.’s holdings in HP were worth $2,657,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in shares of HP in the 3rd quarter valued at approximately $25,000. Triad Wealth Partners LLC acquired a new position in shares of HP in the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of HP in the 2nd quarter valued at approximately $34,000. Wolff Wiese Magana LLC grew its position in shares of HP by 115.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares during the period. Finally, ORG Wealth Partners LLC acquired a new position in shares of HP in the 3rd quarter valued at approximately $37,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

HP Trading Up 2.2 %

HPQ opened at $35.43 on Friday. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.79. The stock’s fifty day simple moving average is $36.57 and its 200 day simple moving average is $35.56. The stock has a market cap of $34.14 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 2.40 and a beta of 1.07.

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. HP had a negative return on equity of 253.39% and a net margin of 5.18%. The business had revenue of $14.06 billion for the quarter, compared to analysts’ expectations of $13.99 billion. During the same quarter in the prior year, the business earned $0.90 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities analysts forecast that HP Inc. will post 3.56 earnings per share for the current year.

HP Increases Dividend

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

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

Analyst Ratings Changes

HPQ has been the subject of several research analyst reports. Barclays boosted their price objective on HP from $32.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday. UBS Group boosted their price objective on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Loop Capital reduced their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. reduced their price target on HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $36.77.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 100.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.41% of the company’s stock.

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.