M&T Bank Corp Cuts Stock Holdings in HP Inc. (NYSE:HPQ)

M&T Bank Corp trimmed its position in HP Inc. (NYSE:HPQ - Free Report) by 9.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 144,407 shares of the computer maker's stock after selling 15,366 shares during the quarter. M&T Bank Corp's holdings in HP were worth $5,180,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LVW Advisors LLC increased its position in shares of HP by 1.2% in the third quarter. LVW Advisors LLC now owns 23,884 shares of the computer maker's stock valued at $857,000 after acquiring an additional 278 shares during the period. Castleview Partners LLC increased its holdings in HP by 8.1% during the 3rd quarter. Castleview Partners LLC now owns 3,856 shares of the computer maker's stock valued at $138,000 after purchasing an additional 289 shares during the period. Versant Capital Management Inc increased its holdings in HP by 5.9% during the 3rd quarter. Versant Capital Management Inc now owns 5,321 shares of the computer maker's stock valued at $191,000 after purchasing an additional 297 shares during the period. King Luther Capital Management Corp raised its position in HP by 3.2% during the 3rd quarter. King Luther Capital Management Corp now owns 9,635 shares of the computer maker's stock valued at $346,000 after purchasing an additional 303 shares during the last quarter. Finally, Arvest Investments Inc. lifted its holdings in HP by 0.9% in the 3rd quarter. Arvest Investments Inc. now owns 34,355 shares of the computer maker's stock worth $1,232,000 after buying an additional 310 shares during the period. 77.53% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Enrique Lores sold 137,094 shares of HP stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $36.45, for a total transaction of $4,997,076.30. Following the completion of the transaction, the chief executive officer now directly owns 89,272 shares of the company's stock, valued at approximately $3,253,964.40. The trade was a 60.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alex Cho sold 40,287 shares of the company's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $34.80, for a total transaction of $1,401,987.60. Following the transaction, the insider now owns 64,676 shares in the company, valued at $2,250,724.80. The trade was a 38.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 187,679 shares of company stock valued at $6,752,491 in the last ninety days. Insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on HPQ. HSBC downgraded HP from a "buy" rating to a "hold" rating and decreased their target price for the company from $39.00 to $38.00 in a report on Friday, November 29th. TD Cowen lifted 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. Citigroup reduced their price target on shares of HP from $37.00 to $36.50 and set a "neutral" rating on the stock in a research report on Wednesday, November 27th. Loop Capital cut their price objective on HP from $37.00 to $35.00 and set a "hold" rating on the stock in a research report on Thursday, September 5th. Finally, Bank of America downgraded shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 target price on the stock. in a research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, HP has an average rating of "Hold" and a consensus target price of $36.45.

HP Price Performance

Shares of HPQ traded down $0.43 during trading hours on Friday, hitting $34.55. The stock had a trading volume of 5,101,524 shares, compared to its average volume of 7,835,384. The stock has a fifty day moving average price of $36.62 and a 200 day moving average price of $35.80. The firm has a market capitalization of $33.30 billion, a PE ratio of 12.45, a PEG ratio of 2.95 and a beta of 1.04. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.79.

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

HP announced that its Board of Directors has initiated a share repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.

HP Increases Dividend

The business 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. The ex-dividend date is Wednesday, December 11th. This is an increase from HP's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 3.35%. HP's dividend payout ratio is 41.28%.

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.