Allstate Corp Invests $912,000 in HP Inc. (NYSE:HPQ)

Allstate Corp bought a new position in shares of HP Inc. (NYSE:HPQ - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,940 shares of the computer maker's stock, valued at approximately $912,000.

Other hedge funds also recently added to or reduced their stakes in the company. DnB Asset Management AS raised its holdings in HP by 0.4% during the fourth quarter. DnB Asset Management AS now owns 1,395,641 shares of the computer maker's stock worth $45,540,000 after purchasing an additional 5,086 shares during the last quarter. Orion Portfolio Solutions LLC boosted its position in shares of HP by 15.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 22,358 shares of the computer maker's stock worth $730,000 after buying an additional 3,043 shares in the last quarter. Norges Bank acquired a new stake in HP in the 4th quarter valued at about $229,320,000. Caisse Des Depots ET Consignations purchased a new position in shares of HP during the 4th quarter worth approximately $513,000. Finally, NEOS Investment Management LLC raised its position in shares of HP by 31.4% during the 4th quarter. NEOS Investment Management LLC now owns 52,025 shares of the computer maker's stock worth $1,698,000 after purchasing an additional 12,443 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Trading Down 6.2 %

HPQ traded down $1.47 during midday trading on Friday, reaching $22.31. The company's stock had a trading volume of 15,244,599 shares, compared to its average volume of 7,562,825. HP Inc. has a twelve month low of $21.97 and a twelve month high of $39.80. The stock has a market cap of $21.03 billion, a P/E ratio of 7.93, a PEG ratio of 2.96 and a beta of 1.09. The company has a fifty day simple moving average of $30.98 and a 200 day simple moving average of $33.79.

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HP (NYSE:HPQ - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The computer maker reported $0.74 earnings per share for the quarter, meeting analysts' consensus estimates of $0.74. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The firm had revenue of $13.50 billion during the quarter, compared to the consensus estimate of $13.35 billion. Sell-side analysts expect that HP Inc. will post 3.56 earnings per share for the current year.

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 12th were given a $0.2894 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 5.19%. HP's dividend payout ratio is currently 41.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on HPQ shares. Morgan Stanley cut their price target on HP from $36.00 to $35.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. StockNews.com upgraded shares of HP from a "hold" rating to a "buy" rating in a research note on Thursday, March 27th. Barclays boosted their price target on HP from $35.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 28th. Sanford C. Bernstein increased their target price on shares of HP from $32.00 to $34.00 and gave the stock a "market perform" rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company upped their price objective on HP from $30.00 to $35.00 and gave the stock an "underweight" rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $36.14.

Insider Transactions at HP

In other news, insider Stephanie Liebman sold 15,646 shares of HP stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $29.00, for a total transaction of $453,734.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Anneliese Olson sold 21,545 shares of the firm's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $28.49, for a total value of $613,817.05. Following the transaction, the insider now owns 169 shares of the company's stock, valued at $4,814.81. This trade represents a 99.22 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

HP Company 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.