Procyon Advisors LLC Makes New Investment in HP Inc. (NYSE:HPQ)

Procyon Advisors LLC bought a new position in HP Inc. (NYSE:HPQ - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 27,131 shares of the computer maker's stock, valued at approximately $751,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in HP by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 25,350,016 shares of the computer maker's stock worth $825,398,000 after purchasing an additional 579,525 shares during the period. Northern Trust Corp lifted its holdings in shares of HP by 15.8% in the fourth quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker's stock worth $419,126,000 after buying an additional 1,755,942 shares in the last quarter. Invesco Ltd. boosted its position in shares of HP by 7.3% in the fourth quarter. Invesco Ltd. now owns 9,511,218 shares of the computer maker's stock valued at $310,351,000 after acquiring an additional 643,192 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of HP by 8.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,289,164 shares of the computer maker's stock valued at $303,105,000 after acquiring an additional 707,742 shares during the period. Finally, Norges Bank purchased a new position in HP during the fourth quarter valued at approximately $229,320,000. Institutional investors own 77.53% of the company's stock.

Insider Activity

In other HP news, insider Anneliese Olson sold 21,545 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $28.49, for a total value of $613,817.05. Following the completion of the transaction, the insider now owns 169 shares in the company, valued at approximately $4,814.81. This represents a 99.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephanie Liebman sold 15,646 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $29.00, for a total transaction of $453,734.00. The disclosure for this sale can be found here. Insiders own 0.38% of the company's stock.

HP Stock Performance

Shares of HPQ stock traded down $0.49 on Wednesday, hitting $24.78. 3,600,520 shares of the company's stock traded hands, compared to its average volume of 7,855,326. The stock has a market capitalization of $23.28 billion, a price-to-earnings ratio of 8.82, a P/E/G ratio of 2.96 and a beta of 1.30. The company's fifty day simple moving average is $25.62 and its 200 day simple moving average is $30.07. HP Inc. has a one year low of $21.21 and a one year high of $39.80.

HP (NYSE:HPQ - Get Free Report) last announced 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). HP had a net margin of 5.18% and a negative return on equity of 253.39%. The company had revenue of $13.22 billion during the quarter, compared to the consensus estimate of $13.09 billion. During the same quarter in the previous year, the firm posted $0.82 EPS. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 given a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.67%. HP's dividend payout ratio is currently 44.40%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HPQ. Barclays set a $28.00 price objective on HP and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. KGI Securities initiated coverage on HP in a report on Thursday, May 29th. They issued a "neutral" rating on the stock. Evercore ISI cut their price objective on HP from $40.00 to $32.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Loop Capital decreased their price objective on shares of HP from $35.00 to $30.00 and set a "hold" rating on the stock in a research report on Tuesday, March 4th. Finally, Morgan Stanley lowered their target price on shares of HP from $29.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, HP has a consensus rating of "Hold" and an average price target of $29.54.

HP Company Profile

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.