Investment Management Corp of Ontario Decreases Position in HP Inc. (NYSE:HPQ)

Investment Management Corp of Ontario reduced its position in HP Inc. (NYSE:HPQ - Free Report) by 11.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,122 shares of the computer maker's stock after selling 15,839 shares during the quarter. Investment Management Corp of Ontario's holdings in HP were worth $4,309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new position in HP in the 3rd quarter worth $40,000. Janus Henderson Group PLC boosted its holdings in HP by 7.5% in the 3rd quarter. Janus Henderson Group PLC now owns 141,157 shares of the computer maker's stock worth $5,064,000 after buying an additional 9,800 shares during the period. Hilltop Holdings Inc. boosted its holdings in HP by 41.5% in the 3rd quarter. Hilltop Holdings Inc. now owns 50,109 shares of the computer maker's stock worth $1,797,000 after buying an additional 14,703 shares during the period. Centiva Capital LP purchased a new stake in HP during the 3rd quarter valued at approximately $229,000. Finally, Chevy Chase Trust Holdings LLC raised its position in shares of HP by 11.3% during the third quarter. Chevy Chase Trust Holdings LLC now owns 526,662 shares of the computer maker's stock valued at $18,891,000 after buying an additional 53,341 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company's stock.

HP Price Performance

Shares of HP stock traded down $0.46 during trading on Wednesday, hitting $36.33. The stock had a trading volume of 3,500,704 shares, compared to its average volume of 7,842,779. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.79. The firm's fifty day simple moving average is $36.62 and its 200-day simple moving average is $35.70. The stock has a market cap of $35.01 billion, a PE ratio of 13.09, a PEG ratio of 3.11 and a beta of 1.04.

HP (NYSE:HPQ - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. HP had a net margin of 5.18% and a negative return on equity of 253.39%. The business had revenue of $14.06 billion during the quarter, compared to the consensus estimate of $13.99 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The firm's quarterly revenue was up 1.7% compared to the same quarter last year. Analysts expect that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be paid a $0.2894 dividend. This is a positive change from HP's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, December 11th. This represents a $1.16 dividend on an annualized basis and a yield of 3.19%. HP's dividend payout ratio (DPR) is presently 39.15%.

HP declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. TD Cowen raised their target price on shares of HP from $32.00 to $39.00 and gave the company a "hold" rating in a research note on Wednesday, November 27th. HSBC lowered HP from a "buy" rating to a "hold" rating and cut their price objective for the company from $39.00 to $38.00 in a research report on Friday, November 29th. Loop Capital decreased their target price on HP from $37.00 to $35.00 and set a "hold" rating on the stock in a research report on Thursday, September 5th. Bank of America cut HP from a "buy" rating to a "neutral" rating and set a $37.00 price target for the company. in a report on Friday, September 27th. Finally, Citigroup lowered their target price on HP from $37.00 to $36.50 and set a "neutral" rating for the company in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $36.77.

Insider Activity

In related news, insider Alex Cho sold 10,298 shares of the company's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $34.32, for a total transaction of $353,427.36. Following the completion of the sale, the insider now directly owns 64,676 shares in the company, valued at $2,219,680.32. This represents a 13.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Enrique Lores sold 211,501 shares of the firm's stock in a transaction dated Thursday, September 12th. The shares were 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 position. The disclosure for this sale can be found here. 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.