ORG Wealth Partners LLC Acquires New Shares in HP Inc. (NYSE:HPQ)

ORG Wealth Partners LLC bought a new position in shares of HP Inc. (NYSE:HPQ) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 1,027 shares of the computer maker’s stock, valued at approximately $37,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in HP by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of HP by 6.2% during the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after buying an additional 1,319,731 shares during the last quarter. LSV Asset Management grew its stake in shares of HP by 3.3% during the first quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock worth $383,028,000 after buying an additional 403,355 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after acquiring an additional 1,089,848 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of HP by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock valued at $294,253,000 after acquiring an additional 287,861 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Trading Down 1.3 %

Shares of HP stock opened at $36.97 on Wednesday. The business has a 50-day moving average price of $35.09 and a two-hundred day moving average price of $33.75. HP Inc. has a 1-year low of $25.67 and a 1-year high of $39.52. The company has a market cap of $36.18 billion, a P/E ratio of 12.49, a PEG ratio of 2.67 and a beta of 1.07.

HP (NYSE:HPQ) last announced its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). The business had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.86 EPS. Equities research analysts forecast that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at HP

In related news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at $99.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HPQ. Barclays lowered their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Loop Capital dropped their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. boosted their target price on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley decreased their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Finally, UBS Group lifted their price target on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.55.

HP 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.