As reported on October 3, 2023, the Csenge Advisory Group has acquired a new stake in HP Inc. The institutional investor purchased 12,453 shares of HP’s stock in the second quarter of this year. This purchase is valued at approximately $382,000.
HP Inc., a well-known computer maker, recently released its earnings results on August 29th. For the quarter, the company reported an earnings per share (EPS) of $0.86, meeting analysts’ consensus estimates. The firm generated $13.20 billion in revenue during this period, slightly lower than the expected $13.38 billion.
It is worth noting that HP had a negative return on equity of 113.55% and a net margin of 4.23%. In comparison to the same quarter last year, the company experienced a decrease in quarterly revenue by 9.9%. In the previous year’s corresponding period, HP earned an EPS of $1.04.
Equities analysts evaluating HP have predicted that the company will post an EPS of 3.3 for the current fiscal year.
Overall, these recent developments highlight Csenge Advisory Group’s investment in HP Inc., as well as shed light on HP’s financial performance for the specified period.
Hedge Funds and Institutional Investors Adjust Positions in HP Inc. as Stock Prices Fluctuate
October 3, 2023 – Hedge funds and institutional investors have been making notable changes to their positions in HP Inc. (NYSE: HPQ). KCS Wealth Advisory increased its stake in the computer maker by 1.0% during the second quarter, now owning 36,325 shares valued at $1,116,000. Ballentine Partners LLC also increased its position by 0.9% during the first quarter, holding 39,761 shares valued at $1,167,000. Vantage Consulting Group Inc and Allspring Global Investments Holdings LLC both saw increases in their positions during the first and second quarters respectively. Vantage Consulting Group Inc now owns 18,550 shares worth $544,000 while Allspring Global Investments Holdings LLC holds 80,573 shares valued at $2,474,000. KCM Investment Advisors LLC raised its position by 4.4% during the first quarter to hold 9,551 shares worth $347,000. In total, hedge funds and institutional investors currently own around 76.04% of HP’s stock.
On Tuesday morning October 3rd on the New York Stock Exchange (NYSE), HPQ opened at $25.67 per share with a market capitalization of approximately $25.37 billion. The price-to-earnings ratio stands at 11.06 with a PEG ratio of 1.95 and a beta of 1.04. Over the past year, HP’s stock has traded between a low of $24.08 and a high of $33.90 with an average price over the last fifty days amounting to $30.11 and over two hundred days hovering around $30.16.
In other news related to company insiders’ activities for HP Inc., Director Subra Suresh sold a total of 6,659 shares on July 11th amounting to roughly $219,747.00 at an average price of $33.00 per share. Following this sale, he now holds 59,533 shares valued at around $1,964,589 as of that date. On September 1st, CFO Marie Myers sold 4,165 shares at an average price of $30.00 per share for a total amount of $124,950.00 and currently retains 22,281 shares valued approximately at $668,430. Overall, insiders have traded a significant number of HP’s stocks in the last three months with sales reaching 14,430,003 shares worth a staggering $387,608,272. It should be noted that company insiders now own approximately 0.32% of HP’s stock.
Various equity research analysts have recently issued reports on HPQ shares as well. Deutsche Bank Aktiengesellschaft reduced their target price from $32.00 to $30.00 while maintaining a “hold” rating for the company in a report published on August 30th. Conversely, StockNews.com upgraded HP’s rating from “hold” to “buy” in its report on August 16th. JPMorgan Chase & Co., who also reduced their target price to $39.00 from an initial estimation of $40.00 on August 30th maintains an “overweight” rating for the company. Bank of America lowered their target price to $25.00 from an original estimate of $27.00 and assigned an “underperform” rating for the firm on the same day mentioned previously by JPMorgan Chase & Co.. Lastly, Morgan Stanley also reduced their target price to $30.00 from its previous figure of -$32- while maintaining the rating as “equal weight”. Based on data from Bloomberg market analysts project a consensus rating for HP Inc.’s stock as “Hold” with a consensus price target hovering around $$29.73.
In conclusion, hedge funds and institutional investors have been making adjustments to their positions in HP Inc., resulting in changes to the company’s stock value. The market performance of HPQ on the NYSE exhibits a fluctuation of prices during recent months, and insider activities indicate a significant amount of shares being sold by company directors and officers. Furthermore, equity research analysts have provided various ratings and target price adjustments for the stock. Investors should closely monitor these developments to aid in decision-making regarding their investments in HP.