Maverick Capital Ltd. Raises Stake in HP Inc. (NYSE:HPQ)

Maverick Capital Ltd. raised its position in shares of HP Inc. (NYSE:HPQ - Free Report) by 89.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,961 shares of the computer maker's stock after acquiring an additional 46,849 shares during the period. Maverick Capital Ltd.'s holdings in HP were worth $3,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of HPQ. Sawyer & Company Inc grew its position in HP by 900.0% in the first quarter. Sawyer & Company Inc now owns 1,000 shares of the computer maker's stock worth $30,000 after acquiring an additional 900 shares in the last quarter. Rise Advisors LLC boosted its holdings in shares of HP by 377.9% in the 1st quarter. Rise Advisors LLC now owns 1,061 shares of the computer maker's stock worth $32,000 after purchasing an additional 839 shares during the period. Triad Wealth Partners LLC bought a new position in shares of HP during the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in HP during the 2nd quarter valued at $34,000. Finally, DecisionPoint Financial LLC bought a new stake in HP in the second quarter worth $43,000. 77.53% of the stock is currently owned by institutional investors.

Insider Activity at HP

In other news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is owned by corporate insiders.

HP Stock Performance

HP stock traded down $1.32 during midday trading on Friday, hitting $35.53. 2,895,100 shares of the company's stock were exchanged, compared to its average volume of 7,982,121. The company has a market cap of $34.77 billion, a PE ratio of 12.45, a P/E/G ratio of 2.35 and a beta of 1.07. The firm has a 50-day moving average of $35.01 and a two-hundred day moving average of $33.17. HP Inc. has a 12 month low of $25.22 and a 12 month high of $39.52.

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

HP declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to buy up to 28.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on HPQ shares. TD Cowen increased their target price on shares of HP from $30.00 to $32.00 and gave the company a "hold" rating in a research note on Thursday, May 30th. Barclays reduced their price objective on shares of HP from $33.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 29th. UBS Group boosted their target price on HP from $34.00 to $37.00 and gave the company a "neutral" rating in a research report on Thursday, August 29th. Citigroup increased their price target on HP from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. boosted their price objective on HP from $38.00 to $42.00 and gave the company an "overweight" rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, HP has a consensus rating of "Hold" and an average price target of $35.55.

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.