HP Inc. (NYSE:HPQ) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its holdings in HP Inc. (NYSE:HPQ - Free Report) by 11.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 193,700 shares of the computer maker's stock after purchasing an additional 19,845 shares during the quarter. State of Alaska Department of Revenue's holdings in HP were worth $6,947,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Triad Wealth Partners LLC purchased a new stake in shares of HP during the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in HP during the second quarter worth approximately $34,000. Wolff Wiese Magana LLC grew its holdings in HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker's stock valued at $35,000 after purchasing an additional 518 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of HP in the third quarter valued at approximately $37,000. Finally, DecisionPoint Financial LLC acquired a new position in shares of HP during the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 77.53% of the company's stock.

HP Price Performance

Shares of NYSE:HPQ traded down $0.36 during midday trading on Tuesday, reaching $37.06. 4,674,072 shares of the company's stock were exchanged, compared to its average volume of 7,806,847. The stock has a market cap of $36.27 billion, a price-to-earnings ratio of 12.52, a P/E/G ratio of 2.64 and a beta of 1.07. HP Inc. has a fifty-two week low of $25.90 and a fifty-two week high of $39.52. The firm's 50 day simple moving average is $35.60 and its two-hundred day simple moving average is $34.28.

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

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on HPQ. Bank of America lowered shares of 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. Morgan Stanley lowered their price target on shares of HP from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 29th. Citigroup lowered shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 target price on the stock. in a research note on Tuesday, October 1st. Loop Capital dropped their price target on HP from $37.00 to $35.00 and set a "hold" rating for the company in a research report on Thursday, September 5th. Finally, UBS Group increased their price target on HP from $34.00 to $37.00 and gave the company a "neutral" rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $35.55.

Insider Activity

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the sale, the chief executive officer now owns 3 shares of the company's stock, valued at approximately $99.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.