Victory Capital Management Inc. Reduces Stock Holdings in HP Inc. (NYSE:HPQ)

Victory Capital Management Inc. reduced its holdings in shares of HP Inc. (NYSE:HPQ - Free Report) by 23.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,909,221 shares of the computer maker's stock after selling 585,216 shares during the quarter. Victory Capital Management Inc. owned about 0.20% of HP worth $68,484,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker's stock valued at $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA grew its position in HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker's stock valued at $786,237,000 after buying an additional 1,319,731 shares during the period. Legal & General Group Plc grew its position in HP by 11.3% during the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker's stock valued at $375,079,000 after buying an additional 1,089,848 shares during the period. Bank of New York Mellon Corp grew its position in HP by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker's stock valued at $294,253,000 after buying an additional 287,861 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of HP by 4.1% in the second quarter. AQR Capital Management LLC now owns 5,359,174 shares of the computer maker's stock worth $186,928,000 after purchasing an additional 213,116 shares during the period. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction that occurred on 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 transaction, 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 document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.41% of the company's stock.

HP Stock Performance

Shares of HPQ stock traded up $0.36 on Friday, hitting $36.85. 3,306,475 shares of the stock traded hands, compared to its average volume of 7,735,372. The firm's 50-day moving average price is $35.91 and its two-hundred day moving average price is $34.92. HP Inc. has a twelve month low of $27.42 and a twelve month high of $39.52. The stock has a market capitalization of $35.51 billion, a PE ratio of 12.92, a PEG ratio of 2.52 and a beta of 1.07.

HP (NYSE:HPQ - Get Free Report) last posted 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). The company had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.86 EPS. On average, equities research analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

HP announced that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on HPQ shares. 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 report on Thursday, August 29th. Barclays lowered their target price on shares of HP from $33.00 to $32.00 and set an "equal weight" rating for the company in a report on Thursday, August 29th. 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. Morgan Stanley cut their target price 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. Finally, Citigroup downgraded shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 target price on the stock. in a research report on Tuesday, October 1st. One 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 company. According to MarketBeat, HP presently has a consensus rating of "Hold" and a consensus 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.