CCM Investment Group LLC Makes New Investment in HP Inc. (NYSE:HPQ)

Key Points

• CCM Investment Group LLC has acquired a new position in HP Inc., purchasing 113,174 shares valued at approximately $3.16 million in the first quarter.
• HP reported a Q2 earnings miss with earnings per share (EPS) of $0.71, falling short of the consensus estimate of $0.80, despite a revenue of $13.22 billion.
• The company announced a quarterly dividend of $0.2894 per share, to be paid on October 1st, representing an annualized dividend yield of 4.4%.

CCM Investment Group LLC bought a new position in shares of HP Inc. (NYSE:HPQ - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 113,174 shares of the computer maker's stock, valued at approximately $3,158,000.

Several other institutional investors have also recently added to or reduced their stakes in HPQ. Nuveen LLC acquired a new stake in HP during the 1st quarter worth approximately $179,037,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in HP during the fourth quarter worth $63,612,000. Invesco Ltd. increased its position in HP by 19.2% in the first quarter. Invesco Ltd. now owns 11,340,629 shares of the computer maker's stock worth $314,022,000 after buying an additional 1,829,411 shares during the period. Northern Trust Corp increased its position in 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 during the period. Finally, Castlekeep Investment Advisors LLC acquired a new stake in HP in the fourth quarter worth $55,915,000. Institutional investors and hedge funds own 77.53% of the company's stock.

HP Stock Performance

Shares of NYSE HPQ opened at $26.11 on Friday. The stock has a 50 day moving average price of $25.05 and a 200 day moving average price of $27.36. HP Inc. has a 52 week low of $21.21 and a 52 week high of $39.79. The stock has a market capitalization of $24.52 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 2.11 and a beta of 1.29.

HP (NYSE:HPQ - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The computer maker reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). The business had revenue of $13.22 billion during the quarter, compared to the consensus estimate of $13.09 billion. HP had a net margin of 4.64% and a negative return on equity of 244.99%. HP's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. As a group, research analysts forecast that HP Inc. will post 3.56 EPS for the current year.

HP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.2894 per share. The ex-dividend date is Wednesday, September 10th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.4%. HP's dividend payout ratio (DPR) is 44.79%.

Analyst Upgrades and Downgrades

HPQ has been the subject of several research reports. Citigroup decreased their target price on HP from $29.00 to $27.50 and set a "neutral" rating for the company in a research note on Thursday, May 29th. Wells Fargo & Company decreased their price target on HP from $35.00 to $25.00 and set an "underweight" rating for the company in a research report on Thursday, May 29th. Morgan Stanley decreased their price target on HP from $29.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday, May 29th. Evercore ISI decreased their price objective on HP from $40.00 to $32.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Finally, 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. One analyst has rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $29.54.

HP 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.

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