Prospera Private Wealth LLC Acquires New Stake in HP Inc. (NYSE:HPQ)

Prospera Private Wealth LLC purchased a new stake in shares of HP Inc. (NYSE:HPQ - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 28,666 shares of the computer maker's stock, valued at approximately $1,028,000.

Other large investors have also recently bought and sold shares of the company. Chris Bulman Inc purchased a new position in HP during the second quarter valued at approximately $88,000. Principal Financial Group Inc. increased its stake in shares of HP by 16.1% in the third quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker's stock worth $41,391,000 after acquiring an additional 160,268 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new stake in shares of HP during the 2nd quarter worth about $621,000. Cetera Investment Advisers raised its position 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 acquiring an additional 66,510 shares in the last quarter. Finally, National Pension Service lifted its stake in shares of HP by 24.1% in the 3rd quarter. National Pension Service now owns 2,162,772 shares of the computer maker's stock valued at $77,579,000 after purchasing an additional 419,774 shares during the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

HP Trading Down 0.4 %

Shares of HP stock traded down $0.13 during trading on Wednesday, reaching $36.74. The company's stock had a trading volume of 1,582,458 shares, compared to its average volume of 7,711,544. The stock has a market capitalization of $35.41 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07. The stock has a 50-day moving average price of $36.10 and a two-hundred day moving average price of $35.21. HP Inc. has a one year low of $27.42 and a one year high of $39.52.

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). The firm had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share. As a group, sell-side analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has approved a stock 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 purchase up to 28.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 3 shares in the company, valued at $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on HPQ shares. JPMorgan Chase & Co. decreased their target price on HP from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Wednesday. UBS Group boosted their target price on shares of HP from $34.00 to $37.00 and gave the stock a "neutral" rating in a research report on Thursday, August 29th. Citigroup downgraded 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 Tuesday, October 1st. Barclays dropped their price objective on shares of HP from $33.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, August 29th. Finally, Bank of America downgraded shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 price target on the stock. in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $35.45.

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.