Connectus Wealth LLC Takes Position in HP Inc. (NYSE:HPQ)

Connectus Wealth LLC bought a new position in HP Inc. (NYSE:HPQ - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 49,617 shares of the computer maker's stock, valued at approximately $1,493,000.

Other large investors also recently modified their holdings of the company. Rosenberg Matthew Hamilton lifted its holdings in shares of HP by 84.6% in the 4th quarter. Rosenberg Matthew Hamilton now owns 866 shares of the computer maker's stock worth $26,000 after purchasing an additional 397 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of HP in the 4th quarter worth $28,000. Janiczek Wealth Management LLC lifted its stake in HP by 116.7% during the 4th quarter. Janiczek Wealth Management LLC now owns 1,051 shares of the computer maker's stock valued at $32,000 after acquiring an additional 566 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in HP during the 4th quarter valued at $34,000. Finally, Salem Investment Counselors Inc. lifted its stake in HP by 47.9% during the 4th quarter. Salem Investment Counselors Inc. now owns 1,174 shares of the computer maker's stock valued at $36,000 after acquiring an additional 380 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors.

HP Stock Performance

NYSE HPQ traded up $0.16 during trading hours on Tuesday, hitting $36.34. The company had a trading volume of 7,707,596 shares, compared to its average volume of 8,234,736. HP Inc. has a 52 week low of $25.22 and a 52 week high of $39.52. The firm has a 50 day simple moving average of $30.82 and a 200 day simple moving average of $30.00. The firm has a market capitalization of $35.56 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 2.32 and a beta of 1.11.

HP (NYSE:HPQ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 29th. The computer maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $12.80 billion during the quarter, compared to the consensus estimate of $12.61 billion. HP had a negative return on equity of 230.39% and a net margin of 5.60%. The company's revenue for the quarter was down .8% on a year-over-year basis. During the same quarter last year, the company posted $0.80 EPS. On average, research analysts forecast that HP Inc. will post 3.45 earnings per share for the current year.

HP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be given a $0.2756 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.03%. HP's payout ratio is 37.16%.

Insider Buying and Selling

In related news, Director Robert R. Bennett sold 67,000 shares of the business's stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $30.01, for a total value of $2,010,670.00. Following the completion of the sale, the director now owns 60,216 shares in the company, valued at approximately $1,807,082.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on HPQ shares. Bank of America raised their price objective on HP from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, May 30th. Barclays raised their price objective on HP from $30.00 to $33.00 and gave the company an "equal weight" rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. raised their price objective on HP from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, May 30th. Morgan Stanley raised their price objective on HP from $36.00 to $37.00 and gave the company an "overweight" rating in a research note on Thursday, May 30th. Finally, Citigroup raised their target price on HP from $35.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, HP has an average rating of "Moderate Buy" and an average price target of $34.64.

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.