Financial Advisors Network Inc. Raises Stake in HP Inc. $HPQ

by · The Cerbat Gem

Financial Advisors Network Inc. raised its stake in shares of HP Inc. (NYSE:HPQ – Free Report) by 4.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 139,530 shares of the computer maker’s stock after buying an additional 5,818 shares during the quarter. Financial Advisors Network Inc.’s holdings in HP were worth $3,864,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of HPQ. Gotham Asset Management LLC grew its holdings in shares of HP by 23.6% during the fourth quarter. Gotham Asset Management LLC now owns 639,423 shares of the computer maker’s stock worth $20,864,000 after purchasing an additional 122,289 shares in the last quarter. BayBridge Capital Group LLC bought a new stake in HP during the first quarter valued at approximately $1,505,000. Meritage Portfolio Management increased its holdings in shares of HP by 37.8% in the 1st quarter. Meritage Portfolio Management now owns 140,632 shares of the computer maker’s stock worth $3,894,000 after buying an additional 38,568 shares during the last quarter. Horizon Financial Services LLC raised its position in shares of HP by 2,669.0% during the 1st quarter. Horizon Financial Services LLC now owns 11,519 shares of the computer maker’s stock valued at $319,000 after buying an additional 11,103 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC purchased a new stake in shares of HP during the 1st quarter valued at $627,000. 77.53% of the stock is currently owned by institutional investors.

HP Stock Down 0.7%

Shares of NYSE HPQ opened at $26.75 on Monday. The company has a 50 day moving average of $25.20 and a 200 day moving average of $27.10. HP Inc. has a twelve month low of $21.21 and a twelve month high of $39.79. The firm has a market cap of $25.13 billion, a P/E ratio of 10.33, a PEG ratio of 2.16 and a beta of 1.29.

HP (NYSE:HPQ – Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The computer maker reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.09). The company had revenue of $13.22 billion for the quarter, compared to analysts’ expectations of $13.09 billion. HP had a net margin of 4.64% and a negative return on equity of 244.99%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 earnings per share. As a group, equities analysts expect that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 10th will be paid a $0.2894 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Wednesday, September 10th. HP’s dividend payout ratio is 44.79%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on HPQ shares. UBS Group cut their target price on shares of HP from $37.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, May 29th. KGI Securities began coverage on HP in a report on Thursday, May 29th. They issued a “neutral” rating for the company. Bank of America decreased their price objective on HP from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. TD Cowen cut their target price on HP from $38.00 to $28.00 and set a “hold” rating for the company in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. decreased their price target on shares of HP from $30.00 to $27.00 and set an “overweight” rating on the stock in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, HP presently has an average rating of “Hold” and an average price target of $29.54.

Check Out Our Latest Stock Analysis on HP

HP Profile

(Free Report)

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.

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