HP Inc. (HPQ) Position Raised by Panagora Asset Management Inc.
Panagora Asset Management Inc. boosted its stake in HP Inc. (NYSE:HPQ) by 146.9% during the third quarter, HoldingsChannel reports. The firm owned 229,420 shares of the computer maker’s stock after buying an additional 136,497 shares during the period. Panagora Asset Management Inc.’s holdings in HP were worth $5,912,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Cornerstone Wealth Management LLC purchased a new position in HP in the second quarter valued at about $505,000. Janney Montgomery Scott LLC increased its position in shares of HP by 15.8% during the second quarter. Janney Montgomery Scott LLC now owns 47,820 shares of the computer maker’s stock worth $1,085,000 after acquiring an additional 6,542 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of HP by 2.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 170,524 shares of the computer maker’s stock worth $3,869,000 after acquiring an additional 4,470 shares during the last quarter. First Trust Advisors LP increased its position in shares of HP by 43.1% during the second quarter. First Trust Advisors LP now owns 1,817,924 shares of the computer maker’s stock worth $41,249,000 after acquiring an additional 547,265 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of HP by 6.4% during the second quarter. Victory Capital Management Inc. now owns 256,062 shares of the computer maker’s stock worth $5,810,000 after acquiring an additional 15,324 shares during the last quarter. 78.94% of the stock is currently owned by institutional investors and hedge funds.
NYSE:HPQ opened at $23.24 on Thursday. The stock has a market capitalization of $36.78 billion, a P/E ratio of 11.50, a PEG ratio of 2.25 and a beta of 1.45. HP Inc. has a one year low of $19.31 and a one year high of $27.08.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Thursday, December 13th will be paid a $0.1602 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.76%. This is an increase from HP’s previous quarterly dividend of $0.14. The ex-dividend date is Wednesday, December 12th. HP’s dividend payout ratio (DPR) is 27.72%.
In related news, insider Alex Cho sold 3,879 shares of HP stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $23.68, for a total value of $91,854.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Catherine A. Lesjak sold 693,594 shares of HP stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $25.78, for a total value of $17,880,853.32. The disclosure for this sale can be found here. Insiders sold 829,934 shares of company stock valued at $21,227,333 over the last quarter. Insiders own 0.25% of the company’s stock.
A number of analysts have recently issued reports on the company. Deutsche Bank lifted their target price on HP from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 24th. ValuEngine raised HP from a “hold” rating to a “buy” rating in a research report on Tuesday, October 2nd. Argus reaffirmed a “buy” rating on shares of HP in a research report on Monday, October 8th. Wells Fargo & Co lifted their target price on HP from $21.00 to $26.00 and gave the stock a “market perform” rating in a research report on Friday, August 24th. Finally, Morgan Stanley lifted their target price on HP from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Friday, August 24th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. HP currently has an average rating of “Hold” and a consensus price target of $27.25.
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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.
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