MAI Capital Management Cuts Stock Holdings in HP Inc. (NYSE:HPQ)

MAI Capital Management reduced its stake in HP Inc. (NYSE:HPQ) by 60.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,370 shares of the computer maker’s stock after selling 33,823 shares during the period. MAI Capital Management’s holdings in HP were worth $802,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of HP in the 3rd quarter valued at about $25,000. Triad Wealth Partners LLC purchased a new position in HP in the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in HP during the 2nd quarter worth approximately $34,000. Wolff Wiese Magana LLC increased its position in shares of HP by 115.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of HP in the 3rd quarter valued at $37,000. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $99.48. This represents a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is owned by corporate insiders.

HP Price Performance

HPQ stock opened at $37.93 on Friday. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.52. The firm has a market capitalization of $36.55 billion, a PE ratio of 13.31, a P/E/G ratio of 2.52 and a beta of 1.07. The company’s 50 day simple moving average is $36.26 and its 200-day simple moving average is $35.24.

HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. During the same period in the previous year, the business posted $0.86 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

HP declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Barclays decreased their target price on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Loop Capital lowered their target price 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. Morgan Stanley cut their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Friday, September 27th. Finally, Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, HP currently has an average rating of “Hold” and a consensus price target of $35.45.

HP Company 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.