Legal & General Group Plc Reduces Holdings in HP Inc. (NYSE:HPQ)

Legal & General Group Plc lowered its holdings in shares of HP Inc. (NYSE:HPQ - Free Report) by 29.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,173,496 shares of the computer maker's stock after selling 3,492,678 shares during the period. Legal & General Group Plc owned approximately 0.87% of HP worth $266,701,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in HPQ. Invesco Ltd. lifted its position in shares of HP by 7.3% during the 4th quarter. Invesco Ltd. now owns 9,511,218 shares of the computer maker's stock valued at $310,351,000 after acquiring an additional 643,192 shares during the period. Cerity Partners LLC increased its stake in HP by 9.4% in the fourth quarter. Cerity Partners LLC now owns 233,475 shares of the computer maker's stock valued at $7,752,000 after purchasing an additional 20,050 shares in the last quarter. Wedbush Securities Inc. raised its holdings in shares of HP by 34.6% during the fourth quarter. Wedbush Securities Inc. now owns 18,568 shares of the computer maker's stock valued at $606,000 after purchasing an additional 4,776 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of HP by 3.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,718,989 shares of the computer maker's stock worth $56,091,000 after purchasing an additional 61,492 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of HP in the 4th quarter valued at about $921,000. 77.53% of the stock is owned by institutional investors and hedge funds.

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HP Price Performance

Shares of NYSE HPQ traded up $0.55 during midday trading on Friday, reaching $23.42. The company's stock had a trading volume of 10,168,027 shares, compared to its average volume of 7,806,852. The stock has a market capitalization of $22.08 billion, a P/E ratio of 8.34, a PEG ratio of 2.96 and a beta of 1.09. The firm has a 50 day moving average price of $29.45 and a 200-day moving average price of $33.13. HP Inc. has a 12-month low of $21.21 and a 12-month high of $39.80.

HP (NYSE:HPQ - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The computer maker reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. The business had revenue of $13.50 billion for the quarter, compared to analysts' expectations of $13.35 billion. HP had a negative return on equity of 253.39% and a net margin of 5.18%. On average, equities analysts predict that HP Inc. will post 3.56 EPS for the current year.

HP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 12th were paid a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date of this dividend was Wednesday, March 12th. HP's payout ratio is 41.37%.

Insider Activity

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

Wall Street Analysts Forecast Growth

HPQ has been the topic of several recent research reports. Sanford C. Bernstein increased their price target on HP from $32.00 to $34.00 and gave the stock a "market perform" rating in a report on Friday, January 3rd. Morgan Stanley cut their target price on HP from $36.00 to $35.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. StockNews.com lowered shares of HP from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Loop Capital dropped their price objective on shares of HP from $35.00 to $30.00 and set a "hold" rating on the stock in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company boosted their target price on shares of HP from $30.00 to $35.00 and gave the stock an "underweight" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $36.14.

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.