CIBC Asset Management Inc Boosts Holdings in HP Inc. (NYSE:HPQ)

CIBC Asset Management Inc raised its holdings in HP Inc. (NYSE:HPQ) by 15.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 167,533 shares of the computer maker’s stock after acquiring an additional 22,580 shares during the period. CIBC Asset Management Inc’s holdings in HP were worth $6,009,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC acquired a new position in shares of HP in the second quarter worth about $62,672,000. DME Capital Management LP raised its position in shares of HP by 108.7% in the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after acquiring an additional 1,757,070 shares during the period. Primecap Management Co. CA raised its position in shares of HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after acquiring an additional 1,319,731 shares during the period. Legal & General Group Plc raised its position in shares of HP by 11.3% in the second quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after acquiring an additional 1,089,848 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new position in shares of HP in the second quarter worth about $38,044,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at HP

In related news, CEO Enrique Lores sold 211,501 shares of HP 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 completion of the sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.

HP Price Performance

HPQ opened at $36.72 on Monday. The company’s 50 day simple moving average is $35.97 and its two-hundred day simple moving average is $35.08. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.52. The firm has a market capitalization of $35.39 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07.

HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The firm 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%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior 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 fiscal year.

HP announced that its board has authorized a stock buyback plan on Wednesday, August 28th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

HPQ has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Barclays decreased their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Bank of America lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Friday, September 27th. Loop Capital decreased their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, UBS Group raised their price target on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.