Connectus Wealth LLC lowered its position in HP Inc. (NYSE:HPQ – Get Rating) by 63.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,093 shares of the computer maker’s stock after selling 30,897 shares during the quarter. Connectus Wealth LLC’s holdings in HP were worth $682,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. lifted its stake in HP by 321.7% in the fourth quarter. Benjamin Edwards Inc. now owns 4,993 shares of the computer maker’s stock valued at $188,000 after acquiring an additional 3,809 shares during the last quarter. Arkadios Wealth Advisors lifted its stake in HP by 32.3% in the first quarter. Arkadios Wealth Advisors now owns 10,438 shares of the computer maker’s stock valued at $379,000 after acquiring an additional 2,549 shares during the last quarter. Kowal Investment Group LLC acquired a new stake in HP in the first quarter valued at $267,000. DekaBank Deutsche Girozentrale lifted its stake in HP by 9.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 627,640 shares of the computer maker’s stock valued at $23,944,000 after acquiring an additional 53,763 shares during the last quarter. Finally, Ellevest Inc. lifted its stake in HP by 10.5% in the first quarter. Ellevest Inc. now owns 13,588 shares of the computer maker’s stock valued at $493,000 after acquiring an additional 1,286 shares during the last quarter. Institutional investors and hedge funds own 81.94% of the company’s stock.
Insider Buying and Selling at HP
In other HP news, CFO Marie Myers sold 4,500 shares of the firm’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $39.91, for a total value of $179,595.00. Following the transaction, the chief financial officer now directly owns 28,719 shares of the company’s stock, valued at approximately $1,146,175.29. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Enrique Lores sold 34,000 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $32.67, for a total value of $1,110,780.00. Following the sale, the chief executive officer now directly owns 551,204 shares in the company, valued at approximately $18,007,834.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Marie Myers sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $39.91, for a total transaction of $179,595.00. Following the completion of the sale, the chief financial officer now owns 28,719 shares in the company, valued at $1,146,175.29. The disclosure for this sale can be found here. Insiders have sold a total of 53,719 shares of company stock valued at $1,828,345 in the last ninety days. 0.22% of the stock is currently owned by company insiders.
HP Stock Performance
HP (NYSE:HPQ – Get Rating) last released its earnings results on Tuesday, May 31st. The computer maker reported $1.08 EPS for the quarter, beating the consensus estimate of $1.06 by $0.02. HP had a net margin of 9.61% and a negative return on equity of 188.59%. The firm had revenue of $16.49 billion for the quarter, compared to analyst estimates of $16.19 billion. During the same period last year, the firm earned $0.93 EPS. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts anticipate that HP Inc. will post 4.3 EPS for the current year.
HP Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Wednesday, September 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Tuesday, September 13th. HP’s dividend payout ratio is currently 17.99%.
Analyst Ratings Changes
Several brokerages have recently weighed in on HPQ. UBS Group lowered shares of HP from a “buy” rating to a “neutral” rating and set a $40.00 price objective on the stock. in a research report on Friday, April 8th. StockNews.com lowered shares of HP from a “buy” rating to a “hold” rating in a research report on Friday. JPMorgan Chase & Co. dropped their price objective on shares of HP from $39.00 to $36.00 and set a “neutral” rating on the stock in a research report on Thursday, July 14th. Citigroup increased their price objective on shares of HP from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. Finally, Barclays increased their price objective on shares of HP from $29.00 to $32.00 and gave the company an “underweight” rating in a research report on Wednesday, June 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $36.69.
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.
- Get a free copy of the StockNews.com research report on HP (HPQ)
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