Pictet Asset Management Ltd. Sells 18,200 Shares of HP Inc. (HPQ)
Pictet Asset Management Ltd. cut its stake in shares of HP Inc. (NYSE:HPQ) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 1,403,000 shares of the computer maker’s stock after selling 18,200 shares during the period. Pictet Asset Management Ltd.’s holdings in HP were worth $26,320,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Trexquant Investment LP acquired a new position in HP during the first quarter valued at approximately $833,000. ZWJ Investment Counsel Inc. acquired a new position in HP during the first quarter valued at approximately $443,000. Cornerstone Capital Management Holdings LLC. raised its position in HP by 106.5% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 1,462,303 shares of the computer maker’s stock valued at $26,145,000 after buying an additional 754,019 shares during the last quarter. Xact Kapitalforvaltning AB raised its position in HP by 2.4% in the second quarter. Xact Kapitalforvaltning AB now owns 256,080 shares of the computer maker’s stock valued at $4,476,000 after buying an additional 6,074 shares during the last quarter. Finally, American Beacon Advisors Inc. acquired a new position in HP during the first quarter valued at approximately $112,000. 78.97% of the stock is owned by institutional investors and hedge funds.
HP Inc. (HPQ) opened at 18.90 on Friday. HP Inc. has a one year low of $13.55 and a one year high of $19.58. The stock has a 50 day moving average of $18.50 and a 200-day moving average of $17.79. The firm has a market capitalization of $31.82 billion, a PE ratio of 13.37 and a beta of 1.90.
HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, May 24th. The computer maker reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The business had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.93 billion. HP had a negative return on equity of 68.86% and a net margin of 4.94%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. On average, equities analysts predict that HP Inc. will post $1.64 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be given a dividend of $0.1327 per share. This represents a $0.53 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Tuesday, September 12th. HP’s dividend payout ratio is currently 37.32%.
HPQ has been the subject of several recent research reports. FBN Securities reissued an “outperform” rating and issued a $23.00 price objective (up previously from $19.00) on shares of HP in a research note on Sunday, May 28th. Zacks Investment Research raised shares of HP from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Wednesday, July 12th. Mizuho raised shares of HP from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $21.00 in a research note on Monday, July 10th. BidaskClub raised shares of HP from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. Finally, Royal Bank Of Canada raised their price objective on shares of HP from $20.00 to $21.00 and gave the company a “sector perform” rating in a research note on Thursday, May 25th. Nine investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. HP has a consensus rating of “Buy” and a consensus price target of $19.89.
In other HP news, insider Marie Myers sold 12,119 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $18.07, for a total value of $218,990.33. Following the sale, the insider now directly owns 5,621 shares of the company’s stock, valued at $101,571.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jon E. Flaxman sold 35,000 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $18.26, for a total value of $639,100.00. Following the completion of the sale, the chief operating officer now directly owns 62,203 shares in the company, valued at $1,135,826.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,748,815 shares of company stock worth $32,623,560. Corporate insiders own 0.62% of the company’s stock.
HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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