CIBC Asset Management Inc Purchases 22,580 Shares of HP Inc. (NYSE:HPQ)

CIBC Asset Management Inc lifted its holdings in HP Inc. (NYSE:HPQ - Free Report) by 15.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,533 shares of the computer maker's stock after buying an additional 22,580 shares during the period. CIBC Asset Management Inc's holdings in HP were worth $6,009,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of HPQ. Wedge Capital Management L L P NC bought a new position in HP during the second quarter valued at approximately $62,672,000. DME Capital Management LP increased its position in HP by 108.7% during 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. Primecap Management Co. CA lifted its stake 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 valued at $786,237,000 after buying an additional 1,319,731 shares during the period. Legal & General Group Plc increased its position in shares of HP by 11.3% during the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker's stock valued at $375,079,000 after purchasing an additional 1,089,848 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new stake in HP during the second quarter worth $38,044,000. Hedge funds and other institutional investors own 77.53% of the company's stock.

Analyst Upgrades and Downgrades

HPQ has been the topic of a number of analyst reports. UBS Group upped their price target on HP from $34.00 to $37.00 and gave the company a "neutral" rating in a research report on Thursday, August 29th. Bank of America lowered HP from a "buy" rating to a "neutral" rating and set a $37.00 price objective for the company. in a research report on Friday, September 27th. JPMorgan Chase & Co. raised their price target on HP from $38.00 to $42.00 and gave the stock an "overweight" rating in a research report on Friday, August 23rd. Loop Capital cut their target price on shares of HP from $37.00 to $35.00 and set a "hold" rating on the stock in a report on Thursday, September 5th. Finally, Citigroup cut shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 price target for the company. in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $35.55.

HP Stock Performance

HPQ traded up $0.71 during trading hours on Monday, reaching $37.43. The company's stock had a trading volume of 7,309,939 shares, compared to its average volume of 7,751,277. The company's 50-day moving average is $35.97 and its 200-day moving average is $35.08. The firm has a market cap of $36.07 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52.

HP (NYSE:HPQ - Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter last year, the firm earned $0.86 earnings per share. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts anticipate that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has initiated a share buyback plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm's stock in a transaction on 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 owns 3 shares of the company's stock, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.41% of the company's stock.

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.