Sumitomo Mitsui Asset Management Company LTD Lowers Stake in HP Inc. (HPQ)
Sumitomo Mitsui Asset Management Company LTD cut its holdings in HP Inc. (NYSE:HPQ) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 130,777 shares of the computer maker’s stock after selling 6,358 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in HP were worth $2,610,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Xact Kapitalforvaltning AB increased its stake in shares of 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 in the last quarter. American Beacon Advisors Inc. acquired a new stake in shares of HP in the first quarter valued at $112,000. Capstone Asset Management Co. increased its stake in shares of HP by 0.5% in the second quarter. Capstone Asset Management Co. now owns 150,864 shares of the computer maker’s stock valued at $2,637,000 after buying an additional 759 shares in the last quarter. DnB Asset Management AS boosted its holdings in HP by 65.7% in the second quarter. DnB Asset Management AS now owns 6,525,634 shares of the computer maker’s stock valued at $114,068,000 after acquiring an additional 2,586,600 shares during the last quarter. Finally, CAPROCK Group Inc. boosted its holdings in HP by 104.5% in the third quarter. CAPROCK Group Inc. now owns 43,348 shares of the computer maker’s stock valued at $871,000 after acquiring an additional 22,150 shares during the last quarter. Institutional investors own 79.21% of the company’s stock.
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Several equities analysts recently issued reports on HPQ shares. Maxim Group reiterated a “hold” rating and issued a $25.00 price target on shares of HP in a report on Friday, October 27th. Royal Bank Of Canada raised their price target on HP from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, October 18th. Deutsche Bank AG reiterated a “buy” rating on shares of HP in a report on Thursday, August 24th. Zacks Investment Research upgraded HP from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Wednesday, July 12th. Finally, Morgan Stanley raised their price target on HP from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, October 13th. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. HP has an average rating of “Buy” and a consensus target price of $21.57.
HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, August 23rd. The computer maker reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. HP had a negative return on equity of 64.93% and a net margin of 4.66%. The firm had revenue of $13.06 billion during the quarter, compared to analyst estimates of $12.31 billion. During the same period last year, the company earned $0.48 earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis.
In other news, insider Tracy S. Keogh sold 265,600 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $19.90, for a total value of $5,285,440.00. Following the completion of the transaction, the insider now directly owns 165,952 shares of the company’s stock, valued at $3,302,444.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Enrique Lores sold 40,965 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $21.50, for a total value of $880,747.50. The disclosure for this sale can be found here. Insiders sold 1,206,355 shares of company stock valued at $24,141,327 over the last ninety days. 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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