Glenmede Trust Co. NA Cuts Stake in HP Inc. $HPQ

Key Points

• Glenmede Trust cut its HP stake by 64.9% in the first quarter, selling 177,539 shares and retaining 96,148 shares valued at approximately $1.85 million. Institutional investors own 77.53% of HP.
• Analyst sentiment remains cautious: HP has an average “Reduce” rating and a consensus price target of $23.33, despite several analysts raising their targets.
• HP exceeded quarterly expectations with $0.86 in EPS and $14.41 billion in revenue, up 9% year over year. The company also declared a quarterly dividend of $0.30 per share, representing a 4.2% annualized yield.

Glenmede Trust Co. NA lessened its holdings in HP Inc. (NYSE:HPQ - Free Report) by 64.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,148 shares of the computer maker's stock after selling 177,539 shares during the quarter. Glenmede Trust Co. NA's holdings in HP were worth $1,847,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Garner Asset Management Corp purchased a new position in shares of HP in the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC purchased a new stake in HP during the 4th quarter valued at about $26,000. SHP Wealth Management bought a new position in HP during the 4th quarter worth approximately $26,000. Sound Income Strategies LLC increased its stake in HP by 97.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,312 shares of the computer maker's stock worth $27,000 after purchasing an additional 646 shares during the period. Finally, Union Savings Bank bought a new stake in HP in the fourth quarter valued at approximately $28,000. 77.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

HPQ has been the topic of several recent analyst reports. TD Cowen raised their target price on shares of HP from $20.00 to $26.00 and gave the stock a "hold" rating in a report on Thursday, May 28th. Morgan Stanley upped their price target on shares of HP from $17.00 to $19.00 and gave the company an "underweight" rating in a report on Thursday, May 28th. The Goldman Sachs Group increased their price target on shares of HP from $16.00 to $19.00 and gave the company a "sell" rating in a research report on Tuesday, June 2nd. Bank of America boosted their price objective on shares of HP from $16.00 to $18.00 and gave the company an "underperform" rating in a research report on Thursday, May 28th. Finally, Wall Street Zen lowered shares of HP from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, HP has an average rating of "Reduce" and a consensus target price of $23.33.

Insiders Place Their Bets

In other HP news, insider David P. Mcquarrie sold 10,524 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $27.88, for a total transaction of $293,409.12. Following the completion of the transaction, the insider owned 71,152 shares of the company's stock, valued at approximately $1,983,717.76. This trade represents a 12.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 31,572 shares of company stock valued at $847,603 in the last 90 days. 0.18% of the stock is currently owned by corporate insiders.

HP Price Performance

Shares of NYSE HPQ opened at $28.55 on Thursday. HP Inc. has a 1 year low of $17.56 and a 1 year high of $29.65. The company's 50-day moving average is $24.87 and its 200 day moving average is $21.57. The stock has a market capitalization of $26.11 billion, a P/E ratio of 10.53, a P/E/G ratio of 4.86 and a beta of 1.17.

HP (NYSE:HPQ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The computer maker reported $0.86 EPS for the quarter, topping the consensus estimate of $0.72 by $0.14. The business had revenue of $14.41 billion during the quarter, compared to analyst estimates of $13.99 billion. HP had a net margin of 4.45% and a negative return on equity of 581.36%. HP's quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the business posted $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. Research analysts anticipate that HP Inc. will post 2.98 earnings per share for the current year.

HP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Wednesday, September 9th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Wednesday, September 9th. HP's dividend payout ratio is 44.28%.

About HP

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.

Want to see what other hedge funds are holding HPQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HP Inc. (NYSE:HPQ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source