On September 18, 2023, it was reported that Selective Wealth Management Inc. has acquired a new position in shares of HP Inc. (NYSE:HPQ) during the second quarter. According to the company’s recent Form 13F filing with the Securities and Exchange Commission (SEC), Selective Wealth Management Inc. purchased 8,067 shares of HP’s stock, amounting to approximately $254,000.
HP (NYSE:HPQ) announced its earnings results on August 29th, revealing that the computer maker earned $0.86 per share for the quarter. This figure matched analysts’ consensus estimate of $0.86 per share. It’s worth noting that HP had a negative return on equity of 113.55% and a net margin of 4.23%. The company generated $13.20 billion in revenue during the quarter, slightly lower than analysts’ expectations of $13.38 billion. In comparison to the same quarter last year, HP’s revenue saw a decline of 9.9%. Industry experts anticipate that HP Inc.’s earnings per share for the current year will reach approximately 3.3.
Several equities analysts have shared their thoughts on HPQ shares as well. Barclays reduced their target price from $24.00 to $23.00 and gave an “underweight” rating for the company in their research report published on August 30th, while Bank of America lowered their target price from $27.00 to $25.00 and assigned an “underperform” rating to HP’s stock in another research note issued on the same day.
However, not all analysts were pessimistic about HP’s future prospects as StockNews.com upgraded its rating from “hold” to “buy” in their research note dated August 16th . Meanwhile, Deutsche Bank Aktiengesellschaft also adjusted its price objective downward from $32.00 to $30.00 and gave a “hold” rating for the stock.
The last analyst mentioned in the text, JPMorgan Chase & Co., decreased their target price from $40.00 to $39.00 but still maintained an “overweight” rating for HP Inc. on August 30th. Overall, there are two sell ratings, five hold ratings, and two buy ratings given by equities research analysts for HP’s stock.
According to data from Bloomberg.com, the consensus rating for HP Inc.’s stock is currently labeled as “Hold,” with an average price target of approximately $29.73 per share.
In conclusion, Selective Wealth Management Inc.’s recent purchase of shares in HP Inc., along with the company’s financial results and market analyst opinions, illustrate a varied outlook on the computer maker’s performance and future prospects. As always, investors should conduct thorough research and analysis before making any investment decisions.
[bs_slider_forecast ticker=”LULU”]
Fluctuating Stakes and Insider Sales Impact HP’s Shareholder Positions
September 18, 2023 – In recent months, there has been notable activity from various institutional investors and hedge funds with regards to their stakes in the technology giant, HP. Certified Advisory Corp made a significant move during the first quarter, purchasing a new position in HP shares worth approximately $26,000. GHP Investment Advisors Inc. followed suit, acquiring a new position valued at $29,000. Jefferies Financial Group Inc. also joined in by obtaining a new stake in HP during the fourth quarter for a value of $32,000. Sandy Spring Bank further strengthened its holdings in the company’s stock by raising its ownership by 56.3% in the same period. The bank now owns 1,255 shares of HP valued at $34,000 after acquiring an additional 452 shares during this time frame.
Coppell Advisory Solutions Corp., on the other hand, made its move during the fourth quarter as well, acquiring a new position worth about $35,000. It is important to note that these hedge funds and institutional investors collectively own 76.04% of HP.
In other news related to the company’s stock holdings, major shareholder Berkshire Hathaway Inc executed a large sale of 2,893,236 shares on Wednesday, September 13th. The average price per share stood at $28.39 and as such amounted to a total value of $82,138,”970..04. Following this transaction completion date, Berkshire Hathaway Inc currently holds an insider position of approximately 115’450,”646 shares within the company amounting to roughly $3’277,”643,”839..94.
Another notable sale was made by CFO Marie Myers who sold 4’165 shares on Friday, September 1st at an average price of $30.00 per share for a total value of $124,’950..00 Following this transaction closing date with SEC filing, Marie Myers holds 22,281 shares of HP valued at $668,”430.
The latest available SEC filing indicates that insiders have sold a total of 4,030,824 shares of HP stock within the last quarter alone. This represents a significant value of approximately $116’034,”788. These sales combined account for 0.32% ownership by insiders.
Analyzing the latest trading activity, NYSE HPQ started trading on Monday with an opening value of $27.27 per share. Over the past 50 days, the company’s stock has shown a moving average of $31.50 and over the course of two hundred days, it has displayed a moving average of $30.29. In terms of market capitalization, HP Inc stands at $26.95 billion with a price-to-earnings ratio of 11.78 and a price-to-earnings-growth ratio of 2.14 Furthermore, the stock exhibits a beta value of 1.02 which suggests that it is moderately correlated to market movements.
Over the past year, HPQ’s lowest recorded value was at $24.08 while its highest point reached $33,’90 as per available data.
In conclusion, recent developments in institutional investor and hedge fund activity surrounding HP indicate fluctuating stakes and positions within the company’s stock holdings across multiple quarters. Moreover, major insider sales by Berkshire Hathaway Inc and CFO Marie Myers have also made an impact on shareholder positions within the company during this period. As trading continues on NYSE HPQ on September 18th with an opening value of $27’27 per share, shareholders will likely continue to observe market trends and adjust their strategies accordingly.
Disclaimer: The information provided does not constitute financial advice or investment recommendations. This article is purely for informational purposes only and should not be relied upon for making any investment decisions or engaging in any trading activities without conducting independent research and analysis of your own.
