New Mexico Educational Retirement Board decreased its stake in shares of HP Inc. (NYSE:HPQ) by 8.9% during the second quarter, Holdings Channel reports. The institutional investor owned 156,458 shares of the computer maker’s stock after selling 15,200 shares during the period. New Mexico Educational Retirement Board’s holdings in HP were worth $2,988,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Trexquant Investment LP acquired a new position in shares of HP during the first quarter valued at about $833,000. ZWJ Investment Counsel Inc. purchased a new position in shares of HP during the first quarter worth $443,000. Cornerstone Capital Management Holdings LLC. raised its position in shares of HP by 106.5% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 1,462,303 shares of the computer maker’s stock worth $26,145,000 after buying an additional 754,019 shares in the last quarter. Xact Kapitalforvaltning AB raised its position 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 worth $4,476,000 after buying an additional 6,074 shares in the last quarter. Finally, American Beacon Advisors Inc. purchased a new position in shares of HP during the first quarter worth $112,000. 78.97% of the stock is currently owned by institutional investors.
HP Inc. (NYSE:HPQ) opened at 19.32 on Thursday. The stock has a 50 day moving average price of $18.47 and a 200 day moving average price of $17.78. The stock has a market cap of $32.52 billion, a P/E ratio of 13.66 and a beta of 1.90. HP Inc. has a 52-week low of $13.55 and a 52-week high of $19.58.
HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, May 24th. The computer maker reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The business had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.93 billion. HP had a negative return on equity of 68.86% and a net margin of 4.94%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.41 EPS. On average, equities research analysts forecast that HP Inc. will post $1.64 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be paid a dividend of $0.1327 per share. This represents a $0.53 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Tuesday, September 12th. HP’s dividend payout ratio (DPR) is 37.32%.
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A number of brokerages have recently weighed in on HPQ. UBS AG reissued a “buy” rating and issued a $22.00 price objective (up from $20.00) on shares of HP in a report on Thursday, May 25th. Bank of America Corporation increased their price objective on HP from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Royal Bank Of Canada raised HP from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $21.00 to $22.00 in a report on Thursday, July 20th. Citigroup Inc. set a $20.00 price objective on HP and gave the company a “buy” rating in a report on Thursday, May 25th. Finally, Jefferies Group LLC increased their price objective on HP from $17.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, May 25th. Nine equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $19.89.
In other news, Director Margaret C. Whitman sold 73,992 shares of the business’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $17.72, for a total transaction of $1,311,138.24. Following the sale, the director now owns 544,881 shares of the company’s stock, valued at approximately $9,655,291.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jon E. Flaxman sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $18.26, for a total value of $639,100.00. Following the sale, the chief operating officer now directly owns 62,203 shares in the company, valued at approximately $1,135,826.78. The disclosure for this sale can be found here. Insiders have sold a total of 1,748,815 shares of company stock worth $32,623,560 in the last three months. 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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