Truist Financial Corp reduced its stake in shares of HP Inc. (NYSE:HPQ – Get Rating) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 694,890 shares of the computer maker's stock after selling 48,942 shares during the quarter. Truist Financial Corp owned about 0.07% of HP worth $22,779,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Freedom Day Solutions LLC grew its stake in HP by 44.8% during the 2nd quarter. Freedom Day Solutions LLC now owns 8,404 shares of the computer maker's stock worth $275,000 after buying an additional 2,600 shares during the last quarter. Savant Capital LLC boosted its position in HP by 20.6% during the 2nd quarter. Savant Capital LLC now owns 37,436 shares of the computer maker's stock worth $1,227,000 after acquiring an additional 6,383 shares during the period. KCS Wealth Advisory acquired a new position in HP during the 2nd quarter worth $207,000. FORVIS Wealth Advisors LLC boosted its position in HP by 1.4% during the 2nd quarter. FORVIS Wealth Advisors LLC now owns 117,267 shares of the computer maker's stock worth $3,844,000 after acquiring an additional 1,650 shares during the period. Finally, Wedbush Securities Inc. boosted its position in HP by 8.9% during the 2nd quarter. Wedbush Securities Inc. now owns 16,292 shares of the computer maker's stock worth $534,000 after acquiring an additional 1,337 shares during the period. 81.17% of the stock is currently owned by institutional investors.
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Shares of HP stock opened at $26.78 on Thursday. The stock's fifty day moving average is $29.94 and its 200-day moving average is $33.81. The firm has a market capitalization of $26.94 billion, a PE ratio of 4.68, a price-to-earnings-growth ratio of 2.32 and a beta of 0.98. HP Inc. has a 12-month low of $24.74 and a 12-month high of $41.47.
HP (NYSE:HPQ – Get Rating) last announced its earnings results on Tuesday, August 30th. The computer maker reported $1.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.04. The company had revenue of $14.66 billion for the quarter, compared to analyst estimates of $15.63 billion. HP had a negative return on equity of 220.16% and a net margin of 9.72%. HP's revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 earnings per share. Analysts expect that HP Inc. will post 4.08 EPS for the current year.Insider Activity at HP
In related news, CEO Enrique Lores sold 34,000 shares of the company's stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $25.23, for a total transaction of $857,820.00. Following the transaction, the chief executive officer now directly owns 517,204 shares of the company's stock, valued at $13,049,056.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Enrique Lores sold 34,000 shares of the company's stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $25.23, for a total transaction of $857,820.00. Following the transaction, the chief executive officer now directly owns 517,204 shares of the company's stock, valued at $13,049,056.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marie Myers sold 4,500 shares of the company's stock in a transaction on Monday, August 1st. The shares were sold at an average price of $33.05, for a total value of $148,725.00. Following the transaction, the chief financial officer now directly owns 13,500 shares in the company, valued at $446,175. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on HPQ shares. UBS Group reduced their price target on HP from $40.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, August 31st. Sanford C. Bernstein reduced their price target on HP from $40.00 to $30.00 in a research report on Tuesday, September 20th. Credit Suisse Group reduced their price target on HP from $39.00 to $33.00 and set an "outperform" rating for the company in a research report on Wednesday, August 31st. Morgan Stanley cut their price objective on HP from $30.00 to $28.00 and set an "underweight" rating for the company in a report on Wednesday, August 31st. Finally, Wells Fargo & Company cut their price objective on HP from $30.00 to $25.00 and set an "underweight" rating for the company in a report on Wednesday, August 31st. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, HP presently has a consensus rating of "Hold" and a consensus price target of $30.79.
About HP
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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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