Connectus Wealth LLC cut its stake in shares of HP Inc. (NYSE:HPQ – Get Rating) by 63.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,093 shares of the computer maker’s stock after selling 30,897 shares during the period. Connectus Wealth LLC’s holdings in HP were worth $682,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Central Bank & Trust Co. bought a new position in shares of HP in the first quarter worth approximately $25,000. Allegheny Financial Group LTD bought a new position in shares of HP in the fourth quarter worth approximately $30,000. Blue Bell Private Wealth Management LLC increased its position in shares of HP by 175.4% in the first quarter. Blue Bell Private Wealth Management LLC now owns 917 shares of the computer maker’s stock worth $33,000 after purchasing an additional 584 shares during the last quarter. Cyrus J. Lawrence LLC bought a new position in shares of HP in the first quarter worth approximately $35,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of HP by 272.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,095 shares of the computer maker’s stock worth $40,000 after purchasing an additional 801 shares during the last quarter. 81.94% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, CEO Enrique Lores sold 34,000 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $32.67, for a total value of $1,110,780.00. Following the completion of the sale, the chief executive officer now owns 551,204 shares of the company’s stock, valued at $18,007,834.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other HP news, CFO Marie Myers sold 4,500 shares of the stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $39.91, for a total value of $179,595.00. Following the completion of the transaction, the chief financial officer now owns 28,719 shares in the company, valued at $1,146,175.29. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Enrique Lores sold 34,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $32.67, for a total value of $1,110,780.00. Following the completion of the transaction, the chief executive officer now owns 551,204 shares of the company’s stock, valued at approximately $18,007,834.68. The disclosure for this sale can be found here. Insiders sold 53,719 shares of company stock valued at $1,828,345 over the last quarter. 0.22% of the stock is owned by company insiders.
HP Stock Performance
HP (NYSE:HPQ – Get Rating) last released its quarterly earnings data on Tuesday, May 31st. The computer maker reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. HP had a negative return on equity of 188.59% and a net margin of 9.61%. The firm had revenue of $16.49 billion during the quarter, compared to analyst estimates of $16.19 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts predict that HP Inc. will post 4.3 EPS for the current year.
HP Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Wednesday, September 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Tuesday, September 13th. HP’s payout ratio is 17.99%.
Wall Street Analyst Weigh In
Several research firms recently weighed in on HPQ. StockNews.com cut shares of HP from a “buy” rating to a “hold” rating in a research report on Friday. UBS Group cut shares of HP from a “buy” rating to a “neutral” rating and set a $40.00 price objective on the stock. in a research report on Friday, April 8th. Citigroup upped their target price on HP from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 1st. Barclays upped their target price on HP from $29.00 to $32.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 1st. Finally, JPMorgan Chase & Co. cut their target price on HP from $39.00 to $36.00 and set a “neutral” rating for the company in a research note on Thursday, July 14th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $36.69.
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.
- Get a free copy of the StockNews.com research report on HP (HPQ)
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