Legacy Wealth Asset Management LLC Increases Stake in HP Inc. (NYSE:HPQ)

Legacy Wealth Asset Management LLC grew its stake in HP Inc. (NYSE:HPQ) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,024 shares of the computer maker’s stock after purchasing an additional 1,314 shares during the period. Legacy Wealth Asset Management LLC’s holdings in HP were worth $1,902,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HPQ. Loop Capital cut their price objective on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Morgan Stanley reduced their price objective 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. UBS Group lifted their target price on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report 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 target for the company. in a research report on Friday, September 27th. Finally, JPMorgan Chase & Co. lifted their price objective on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, HP has an average rating of “Hold” and an average price target of $35.55.

HP Stock Up 1.1 %

Shares of NYSE:HPQ opened at $36.88 on Friday. HP Inc. has a 52-week low of $25.67 and a 52-week high of $39.52. The business has a fifty day moving average of $35.48 and a two-hundred day moving average of $34.04. The stock has a market cap of $35.54 billion, a P/E ratio of 12.94, a PEG ratio of 2.64 and a beta of 1.07.

HP (NYSE:HPQ) last posted its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (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 analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $0.86 EPS. On average, equities analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has authorized a stock 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 purchase up to 28.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other 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 value of $7,013,373.16. Following the transaction, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by insiders.

About HP

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.