Forsta AP Fonden Has $9.50 Million Stock Position in HP Inc. (NYSE:HPQ)

Key Points

• Forsta AP Fonden reduced its stake in HP Inc. by 11.5% during the first quarter, holding 343,000 shares valued at approximately $9.5 million after selling 44,400 shares.
• HP missed earnings estimates with an EPS of $0.71 for the last quarter, compared to a consensus estimate of $0.80, although revenue increased by 3.3% year-over-year.
• The company announced a quarterly dividend of $0.2894 per share, yielding about 4.4%, with the ex-dividend date set for September 10th.

Forsta AP Fonden decreased its stake in HP Inc. (NYSE:HPQ - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 343,000 shares of the computer maker's stock after selling 44,400 shares during the period. Forsta AP Fonden's holdings in HP were worth $9,498,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of HPQ. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of HP in the first quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of HP in the fourth quarter worth $36,000. Iron Horse Wealth Management LLC acquired a new stake in shares of HP in the first quarter worth $39,000. Financial Freedom LLC boosted its stake in HP by 141.4% during the first quarter. Financial Freedom LLC now owns 1,499 shares of the computer maker's stock worth $42,000 after buying an additional 878 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its stake in HP by 165.3% during the first quarter. Golden State Wealth Management LLC now owns 1,520 shares of the computer maker's stock worth $42,000 after buying an additional 947 shares in the last quarter. 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. HP Inc. has a 52 week low of $21.21 and a 52 week high of $39.79. The company's fifty day moving average is $25.05 and its 200-day moving average is $27.36. The company has a market capitalization of $24.52 billion, a PE ratio of 10.08, a P/E/G ratio of 2.11 and a beta of 1.29.

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

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be issued a dividend of $0.2894 per share. This represents a $1.16 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Wednesday, September 10th. HP's payout ratio is currently 44.79%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of HP from $30.00 to $27.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Barclays set a $28.00 price target on shares of HP and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. Dbs Bank downgraded shares of HP from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, June 11th. KGI Securities assumed coverage on shares of HP in a research note on Thursday, May 29th. They set a "neutral" rating on the stock. Finally, Wall Street Zen upgraded shares of HP from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. One equities research 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, HP presently has an average rating of "Hold" and a consensus target price 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.

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