Rafferty Asset Management LLC Acquires New Position in HP Inc. (HPQ)
Rafferty Asset Management LLC acquired a new stake in HP Inc. (NYSE:HPQ) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 374,877 shares of the computer maker’s stock, valued at approximately $6,703,000.
A number of other large investors have also made changes to their positions in the company. Dodge & Cox purchased a new stake in HP during the fourth quarter worth $2,073,164,000. Norges Bank purchased a new stake in HP during the fourth quarter worth $225,623,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in HP during the fourth quarter worth $145,193,000. Arrowstreet Capital Limited Partnership purchased a new stake in HP during the fourth quarter worth $143,429,000. Finally, DnB Asset Management AS increased its stake in HP by 694.8% in the first quarter. DnB Asset Management AS now owns 3,939,034 shares of the computer maker’s stock worth $70,430,000 after buying an additional 3,443,455 shares during the period. 80.39% of the stock is owned by hedge funds and other institutional investors.
Shares of HP Inc. (NYSE HPQ) traded up 0.46% during mid-day trading on Friday, hitting $17.35. 14,634,825 shares of the stock traded hands. The firm has a 50 day moving average of $18.68 and a 200 day moving average of $16.92. The stock has a market cap of $29.21 billion, a price-to-earnings ratio of 12.27 and a beta of 1.76. HP Inc. has a 12 month low of $11.48 and a 12 month high of $19.58.
HP (NYSE:HPQ) last posted its quarterly earnings data on Wednesday, May 24th. The computer maker reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. HP had a net margin of 4.94% and a negative return on equity of 68.86%. The firm had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the firm posted $0.41 EPS. HP’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities analysts expect that HP Inc. will post $1.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Wednesday, June 14th will be given a $0.1327 dividend. The ex-dividend date of this dividend is Monday, June 12th. This represents a $0.53 dividend on an annualized basis and a yield of 3.06%. HP’s dividend payout ratio (DPR) is 37.32%.
A number of research analysts recently weighed in on the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $20.00 price objective (up from $18.00) on shares of HP in a research note on Friday, May 19th. Mizuho raised their target price on HP from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 23rd. Barclays PLC raised their target price on HP from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Thursday, February 23rd. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $16.00 target price (up previously from $15.50) on shares of HP in a report on Thursday, February 23rd. Finally, FBN Securities reaffirmed an “outperform” rating and issued a $23.00 target price (up previously from $19.00) on shares of HP in a report on Sunday, May 28th. Thirteen equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. HP presently has an average rating of “Hold” and a consensus target price of $19.08.
In related news, COO Jon E. Flaxman sold 35,000 shares of HP stock in a transaction on Friday, May 26th. The shares were sold at an average price of $18.26, for a total value of $639,100.00. Following the transaction, the chief operating officer now directly owns 62,203 shares in the company, valued at approximately $1,135,826.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ron Coughlin sold 10,000 shares of HP stock in a transaction on Wednesday, April 12th. The shares were sold at an average price of $18.14, for a total transaction of $181,400.00. Following the completion of the transaction, the insider now owns 61,745 shares in the company, valued at $1,120,054.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,015,159 shares of company stock worth $18,142,136. 0.62% of the stock is currently owned by insiders.
HP Company Profile
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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