Bank of Nova Scotia Has $17.46 Million Stock Position in HP Inc. (NYSE:HPQ)

Key Points

• Bank of Nova Scotia increased its investment in HP Inc. by 317.1%, holding 630,471 shares valued at approximately $17.46 million after acquiring an additional 479,320 shares in the first quarter.
• HP reported a quarterly EPS of $0.71, missing the consensus estimate of $0.80 by $(0.09), although its revenue rose year-over-year by 3.3% to $13.22 billion.
• The company declared a quarterly dividend of $0.2894 per share, which represents an annualized yield of 4.7% and a payout ratio of 44.79%.

Bank of Nova Scotia grew its stake in shares of HP Inc. (NYSE:HPQ - Free Report) by 317.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 630,471 shares of the computer maker's stock after acquiring an additional 479,320 shares during the period. Bank of Nova Scotia owned about 0.07% of HP worth $17,458,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of HPQ. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in HP during the 4th quarter valued at about $63,612,000. Northern Trust Corp increased its position in HP by 15.8% during the fourth quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker's stock worth $419,126,000 after purchasing an additional 1,755,942 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in HP during the 4th quarter valued at $55,915,000. Freestone Grove Partners LP bought a new stake in HP in the 4th quarter valued at about $50,957,000. Finally, Bridgewater Associates LP raised its holdings in shares of HP by 115.2% in the 4th quarter. Bridgewater Associates LP now owns 2,837,252 shares of the computer maker's stock worth $92,580,000 after purchasing an additional 1,518,653 shares in the last quarter. Institutional investors own 77.53% of the company's stock.

HP Trading Up 1.2%

Shares of NYSE:HPQ traded up $0.31 during midday trading on Thursday, hitting $25.32. The stock had a trading volume of 7,865,555 shares, compared to its average volume of 8,274,940. The company has a market capitalization of $23.78 billion, a PE ratio of 9.78, a P/E/G ratio of 2.03 and a beta of 1.29. The stock has a 50 day moving average price of $25.02 and a two-hundred day moving average price of $27.50. HP Inc. has a 1 year low of $21.21 and a 1 year high of $39.79.

HP (NYSE:HPQ - Get Free Report) last announced its earnings results on Wednesday, May 28th. The computer maker reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.09). The business had revenue of $13.22 billion for the quarter, compared to analysts' expectations of $13.09 billion. HP had a negative return on equity of 244.99% and a net margin of 4.64%. The firm's revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 earnings per share. As a group, equities analysts expect that HP Inc. will post 3.56 EPS for the current year.

HP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th will be given a dividend of $0.2894 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $1.16 dividend on an annualized basis and a yield of 4.6%. HP's dividend payout ratio (DPR) is 44.79%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on HPQ shares. Wells Fargo & Company decreased their price objective on shares of HP from $35.00 to $25.00 and set an "underweight" rating for the company in a report on Thursday, May 29th. Dbs Bank downgraded HP from a "moderate buy" rating to a "hold" rating in a report on Wednesday, June 11th. Bank of America dropped their price target on HP from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Wall Street Zen raised HP from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, KGI Securities initiated coverage on HP in a research note on Thursday, May 29th. They issued a "neutral" rating for the company. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $29.54.

About HP

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.