Vontobel Holding Ltd. reduced its shares of HP Inc. (NYSE:HPQ) by 10.6% in the third quarter, based on its latest Form 13F filing with the Securities and Exchange Commission (SEC). After selling 18,774 shares during the quarter, the fund now holds 158,284 shares of the computer maker’s stock. As of the most recent SEC filing, Vontobel Holding Ltd.’s holdings in HP were valued at $5,678,000.
Several hedge funds and institutional investors have adjusted their positions in HP. Fisher Asset Management LLC acquired a new stake worth $472,000 in the fourth quarter.
- SageView Advisory Group LLC increased its stake by 6.9%, owning 13,889 shares valued at $405,000 after buying an additional 897 shares.
- CWM LLC boosted its position by 18.7% in the first quarter, now holding 35,306 shares worth $1,067,000 after acquiring 5,561 shares.
- GAMMA Investing LLC grew its stake by 8.4%, owning 7,774 shares valued at $235,000 after adding 604 shares.
- Mather Group LLC also acquired a new stake in the first quarter worth about $154,000. The hedge funds and institutional investors own 77.53% of the company’s stock.
Insider Buying and Selling
In other HP news, CEO Enrique Lores sold 211,501 shares on Thursday, September 12, at an average price of $33.16, totaling $7,013,373.16. After the sale, he now holds just 3 shares of the company, valued at $99.48. This trade reflects a 0.00% decrease in their position. This transaction was disclosed in a filing with the SEC, available at this link. Insiders own 0.41% of the stock.
Research Firms ratings
Several research firms have recently updated their ratings on HPQ.
- Citigroup downgraded HP from “buy” to “neutral,” setting a price target of $37.00 on October 1.
- Morgan Stanley reduced its target from $37.00 to $36.00 and rated the stock as “equal weight” on August 29.
- Loop Capital lowered its target from $37.00 to $35.00 and assigned a “hold” rating on September 5.
- JPMorgan Chase raised its price objective from $38.00 to $42.00, maintaining an “overweight” rating on August 23.
- Barclays cut its target from $33.00 to $32.00, also rating it as “equal weight” on August 29.
Currently, one analyst rates the stock as a sell, seven as a hold, and five as a buy, giving HP an average rating of “Hold” and a price target of $35.55.
NYSE:HPQ opened at $37.58 on Friday, with a 52-week low of $25.67 and a high of $39.52. The stock has a 50-day simple moving average of $35.28 and a 200-day average of $33.80. HP Inc. has a market cap of $36.77 billion, a P/E ratio of 12.70, a P/E/G ratio of 2.67, and a beta of 1.07.
HP (NYSE:HPQ) announced its earnings on Wednesday, August 28, reporting $0.83 EPS for the quarter, missing analysts’ expectations of $0.86 by $0.03. The firm generated $13.52 billion in revenue, exceeding estimates of $13.37 billion. HP’s net margin was 5.33%, with a negative return on equity of 266.37%. Additionally, the revenue increased by 2.4% compared to last year’s quarter when the company earned $0.86 EPS. Analysts expect HP Inc. to post $3.39 EPS for the current year. On Wednesday, August 28th, HP announced that its Board of Directors had initiated a stock repurchase plan, allowing the company to buy back $10.00 billion in shares. This plan enables HP to repurchase up to 28.9% of its stock through open market purchases, indicating that the board believes it is undervalued.
Should you invest $1,000 in HP?
In conclusion, the analysts rate HP as a “HOLD”. Investing in HP isn’t worth it at the moment.
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