Philip James Wealth Mangement LLC Invests $14.21 Million in HP Inc. (NYSE:HPQ)

Philip James Wealth Mangement LLC acquired a new stake in shares of HP Inc. (NYSE:HPQ - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 396,004 shares of the computer maker's stock, valued at approximately $14,205,000. HP makes up about 1.7% of Philip James Wealth Mangement LLC's portfolio, making the stock its 9th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chris Bulman Inc acquired a new position in HP during the second quarter valued at approximately $88,000. Swiss National Bank grew its holdings in HP by 1.4% during the first quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker's stock valued at $85,193,000 after purchasing an additional 37,800 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in HP during the second quarter valued at approximately $621,000. Cetera Investment Advisers grew its holdings in HP by 154.7% during the first quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker's stock valued at $3,309,000 after purchasing an additional 66,510 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in HP by 11.4% during the third quarter. State of Alaska Department of Revenue now owns 193,700 shares of the computer maker's stock valued at $6,947,000 after purchasing an additional 19,845 shares during the last quarter. Institutional investors own 77.53% of the company's stock.

HP Trading Down 1.4 %

HPQ stock traded down $0.52 during midday trading on Friday, hitting $36.82. The stock had a trading volume of 5,482,435 shares, compared to its average volume of 7,764,326. The firm has a market capitalization of $35.48 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 2.46 and a beta of 1.07. HP Inc. has a 52 week low of $27.01 and a 52 week high of $39.52. The stock has a 50-day simple moving average of $35.72 and a 200 day simple moving average of $34.59.

HP (NYSE:HPQ - Get Free Report) last issued 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 company 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%. The firm's revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.86 earnings per share. On average, equities analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has initiated a share buyback plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares of the company's stock, valued at approximately $99.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.41% of the company's stock.

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.