Sumitomo Mitsui Trust Group Inc. Has $79.13 Million Stake in HP Inc. (NYSE:HPQ)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of HP Inc. (NYSE:HPQ - Free Report) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,206,009 shares of the computer maker's stock after purchasing an additional 29,109 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of HP worth $79,130,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in HP in the 3rd quarter worth about $25,000. Triad Wealth Partners LLC acquired a new stake in HP in the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in HP during the 2nd quarter valued at $34,000. Wolff Wiese Magana LLC boosted its position in HP by 115.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker's stock worth $35,000 after acquiring an additional 518 shares during the period. Finally, ORG Wealth Partners LLC bought a new position in shares of HP in the third quarter worth $37,000. Institutional investors and hedge funds own 77.53% of the company's stock.

Analysts Set New Price Targets

HPQ has been the topic of several recent analyst reports. Bank of America cut HP from a "buy" rating to a "neutral" rating and set a $37.00 target price on the stock. in a report on Friday, September 27th. Morgan Stanley cut their price objective on HP from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Thursday, August 29th. Loop Capital cut their target price on shares of HP from $37.00 to $35.00 and set a "hold" rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their target price on HP from $38.00 to $42.00 and gave the company an "overweight" rating in a report on Friday, August 23rd. Finally, UBS Group upped their price objective on shares of HP from $34.00 to $37.00 and gave the company a "neutral" rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, HP has an average rating of "Hold" and an average target price of $35.55.

Insider Activity

In other HP news, CEO Enrique Lores sold 211,501 shares of the company's stock in a transaction on Thursday, September 12th. The stock was 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 $99.48. This 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. 0.41% of the stock is owned by company insiders.

HP Stock Up 0.6 %

NYSE HPQ traded up $0.23 during trading on Friday, hitting $36.72. The company's stock had a trading volume of 7,227,218 shares, compared to its average volume of 7,753,265. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52. The firm has a 50 day moving average price of $35.91 and a 200 day moving average price of $34.92. The firm has a market cap of $35.39 billion, a P/E ratio of 12.92, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07.

HP (NYSE:HPQ - Get Free Report) last issued its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS 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 firm had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities analysts expect that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has authorized a stock buyback program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

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.