Custom Index Systems LLC Has $468,000 Position in HP Inc. (NYSE:HPQ)

Custom Index Systems LLC cut its stake in shares of HP Inc. (NYSE:HPQ) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,352 shares of the computer maker’s stock after selling 351 shares during the quarter. Custom Index Systems LLC’s holdings in HP were worth $468,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HPQ. Acadian Asset Management LLC raised its position in shares of HP by 353.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,133,928 shares of the computer maker’s stock worth $39,695,000 after acquiring an additional 883,590 shares in the last quarter. Chris Bulman Inc bought a new position in shares of HP in the 2nd quarter worth about $88,000. Greystone Financial Group LLC bought a new position in shares of HP in the 2nd quarter worth about $6,402,000. Los Angeles Capital Management LLC bought a new position in shares of HP in the 2nd quarter worth about $9,090,000. Finally, Commonwealth Retirement Investments LLC raised its position in shares of HP by 10.7% in the 2nd quarter. Commonwealth Retirement Investments LLC now owns 50,174 shares of the computer maker’s stock worth $1,757,000 after acquiring an additional 4,851 shares in the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at HP

In other news, insider Alex Cho sold 173,137 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $36.11, for a total value of $6,251,977.07. Following the transaction, the insider now owns 64,676 shares in the company, valued at approximately $2,335,450.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.41% of the company’s stock.

HP Stock Performance

Shares of HPQ opened at $33.82 on Friday. The stock has a 50 day moving average price of $35.43 and a two-hundred day moving average price of $32.68. The firm has a market capitalization of $33.09 billion, a P/E ratio of 11.43, a P/E/G ratio of 2.32 and a beta of 1.07. HP Inc. has a 52 week low of $25.22 and a 52 week high of $39.52.

HP (NYSE:HPQ) last issued its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The company had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 earnings per share. On average, equities analysts forecast that HP Inc. will post 3.4 earnings per share for the current year.

HP declared that its board has approved a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

HP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th will be paid a $0.2756 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.26%. HP’s payout ratio is presently 37.16%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Bank of America lifted their price objective on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. UBS Group boosted their target price on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Loop Capital decreased their target price on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday. TD Cowen boosted their target price on HP from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Finally, Wells Fargo & Company boosted their target price on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.55.

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.