Federated Hermes Inc. Decreases Stock Position in HP Inc. (NYSE:HPQ)

Key Points

• Federated Hermes Inc. reduced its stake in HP Inc. by 5.1%, selling 25,931 shares in the first quarter, now owning about 0.05% of the company valued at approximately $13.3 million.
• HP reported $0.71 earnings per share for the recent quarter, missing the consensus estimate of $0.80, despite a 3.3% year-over-year increase in revenue, totaling $13.22 billion.
• The company announced a quarterly dividend of $0.2894 per share, resulting in an annualized yield of 4.7%, with the ex-dividend date set for September 10th.

Federated Hermes Inc. decreased its position in shares of HP Inc. (NYSE:HPQ - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 482,096 shares of the computer maker's stock after selling 25,931 shares during the quarter. Federated Hermes Inc. owned approximately 0.05% of HP worth $13,349,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in HP during the first quarter worth approximately $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of HP in the 4th quarter valued at $36,000. Iron Horse Wealth Management LLC acquired a new position in shares of HP in the 1st quarter valued at $39,000. Financial Freedom LLC raised its position in HP by 141.4% in the 1st quarter. Financial Freedom LLC now owns 1,499 shares of the computer maker's stock valued at $42,000 after purchasing an additional 878 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its stake in HP by 165.3% during the 1st quarter. Golden State Wealth Management LLC now owns 1,520 shares of the computer maker's stock worth $42,000 after purchasing an additional 947 shares during the period. 77.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Bank of America dropped their price objective on shares of HP from $35.00 to $33.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Morgan Stanley dropped their price target on HP from $29.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 29th. JPMorgan Chase & Co. reduced their price objective on HP from $30.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. TD Cowen lowered their target price on HP from $38.00 to $28.00 and set a "hold" rating on the stock in a research note on Thursday, May 29th. Finally, Wall Street Zen raised HP from a "hold" rating to a "buy" rating in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $29.54.

HP Trading Down 1.4%

Shares of HPQ traded down $0.35 during mid-day trading on Friday, hitting $24.45. The company's stock had a trading volume of 7,929,429 shares, compared to its average volume of 7,180,463. The firm has a 50-day simple moving average of $25.19 and a 200 day simple moving average of $27.58. The firm has a market capitalization of $22.97 billion, a P/E ratio of 9.44, a P/E/G ratio of 1.98 and a beta of 1.29. 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 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 analysts' expectations of $13.09 billion. HP had a negative return on equity of 244.99% and a net margin of 4.64%. The company's revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.82 EPS. As a group, sell-side analysts predict that HP Inc. will post 3.56 EPS for the current fiscal year.

HP Dividend Announcement

The company also recently declared 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 of this dividend is Wednesday, September 10th. This represents a $1.16 annualized dividend and a dividend yield of 4.7%. HP's payout ratio is 44.79%.

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.