Bank of America Corp DE Cuts Position in HP Inc. $HPQ

Key Points

• Bank of America cut its HP stake by 76.2% in the first quarter, selling 13.4 million shares and retaining 4.18 million shares, or about 0.46% of HP. Institutional investors collectively own 77.53% of the company.
• Analyst sentiment remains cautious: HP has a consensus rating of “Reduce” and an average price target of $23.33, despite several analysts raising their targets.
• HP exceeded quarterly earnings and revenue expectations, reporting $0.86 in EPS on $14.41 billion in revenue, while declaring a quarterly dividend of $0.30, representing a 4.0% annualized yield.

Bank of America Corp DE reduced its holdings in shares of HP Inc. (NYSE:HPQ - Free Report) by 76.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,176,527 shares of the computer maker's stock after selling 13,401,922 shares during the quarter. Bank of America Corp DE owned 0.46% of HP worth $80,231,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in HPQ. DNB Asset Management AS increased its holdings in HP by 242.2% in the 4th quarter. DNB Asset Management AS now owns 10,594,630 shares of the computer maker's stock valued at $236,048,000 after purchasing an additional 7,498,202 shares in the last quarter. Norges Bank purchased a new stake in shares of HP during the 4th quarter valued at about $149,309,000. Arrowstreet Capital Limited Partnership lifted its position in HP by 186.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 8,378,723 shares of the computer maker's stock worth $228,153,000 after acquiring an additional 5,449,691 shares in the last quarter. AQR Capital Management LLC lifted its position in HP by 143.4% during the 3rd quarter. AQR Capital Management LLC now owns 9,039,803 shares of the computer maker's stock worth $244,527,000 after acquiring an additional 5,325,260 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in HP by 626.6% in the 4th quarter. Renaissance Technologies LLC now owns 4,948,700 shares of the computer maker's stock worth $110,257,000 after acquiring an additional 4,267,600 shares during the period. Institutional investors and hedge funds own 77.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of HP from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 6th. Bank of America upped their target price on shares of HP from $16.00 to $18.00 and gave the company an "underperform" rating in a research note on Thursday, May 28th. The Goldman Sachs Group raised their price target on shares of HP from $16.00 to $19.00 and gave the company a "sell" rating in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of HP from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, JPMorgan Chase & Co. upped their price objective on shares of HP from $22.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, HP presently has a consensus rating of "Reduce" and a consensus price target of $23.33.

HP Stock Down 0.1%

Shares of HPQ opened at $30.02 on Monday. The firm has a market cap of $27.45 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 5.07 and a beta of 1.17. The business's 50 day moving average is $25.00 and its two-hundred day moving average is $21.69. HP Inc. has a 52-week low of $17.56 and a 52-week high of $30.06.

HP (NYSE:HPQ - Get Free Report) last released its quarterly earnings results on Wednesday, May 27th. The computer maker reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.14. The business had revenue of $14.41 billion during the quarter, compared to the consensus estimate of $13.99 billion. HP had a net margin of 4.45% and a negative return on equity of 581.36%. The business's quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 earnings per share. HP has set its FY 2026 guidance at 2.900-3.100 EPS and its Q3 2026 guidance at 0.610-0.710 EPS. On average, equities analysts expect that HP Inc. will post 2.98 earnings per share for the current fiscal year.

HP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 9th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Wednesday, September 9th. HP's dividend payout ratio (DPR) is 44.28%.

Insider Buying and Selling

In related news, insider David P. Mcquarrie sold 10,524 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $27.88, for a total value of $293,409.12. Following the completion of the sale, the insider directly owned 71,152 shares of the company's stock, valued at $1,983,717.76. The trade was a 12.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 31,572 shares of company stock valued at $847,603 in the last three months. 0.18% of the stock is currently owned by company insiders.

HP Profile

HP Inc is an American multinational information technology company that designs, manufactures and sells personal computing devices, printers and related supplies and services. Its product portfolio spans consumer and commercial notebooks and desktops, workstations, displays and accessories, as well as an extensive line of printing hardware that includes home, office and production printers. HP also provides consumables such as ink and toner, managed print services, device deployment and lifecycle support, and software for device and print management.

Founded from the original Hewlett‑Packard Company, HP Inc became a separately traded public company in 2015 following a corporate split that created Hewlett Packard Enterprise to focus on enterprise hardware and services.

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