Hennessy Advisors Inc. Reduces Position in HP Inc. (NYSE:HPQ)

Hennessy Advisors Inc. decreased its position in shares of HP Inc. (NYSE:HPQ - Free Report) by 66.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,100 shares of the computer maker's stock after selling 166,500 shares during the period. Hennessy Advisors Inc.'s holdings in HP were worth $2,301,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in HP in the fourth quarter valued at about $229,320,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of HP in the fourth quarter worth about $63,612,000. Northern Trust Corp grew its stake in shares of HP by 15.8% during the fourth quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker's stock valued at $419,126,000 after acquiring an additional 1,755,942 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new position in HP during the 4th quarter worth $55,915,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of HP during the fourth quarter worth $50,957,000. 77.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Anneliese Olson sold 21,545 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $28.49, for a total transaction of $613,817.05. Following the completion of the transaction, the insider now directly owns 169 shares in the company, valued at approximately $4,814.81. This represents a 99.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephanie Liebman sold 15,646 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $29.00, for a total value of $453,734.00. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Bank of America cut 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 reduced their price target on shares of HP from $29.00 to $26.00 and set an "equal weight" rating for the company in a research note on Thursday, May 29th. JPMorgan Chase & Co. lowered their price objective 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. UBS Group decreased their price target on HP from $37.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, May 29th. Finally, Citigroup dropped their price objective on HP from $29.00 to $27.50 and set a "neutral" rating on the stock in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $29.54.

HP Stock Performance

Shares of HP stock traded up $0.66 during mid-day trading on Monday, hitting $24.50. 8,025,861 shares of the stock were exchanged, compared to its average volume of 7,857,332. HP Inc. has a 12 month low of $21.21 and a 12 month high of $39.80. The company has a 50-day simple moving average of $25.73 and a 200 day simple moving average of $29.76. The company has a market capitalization of $23.02 billion, a P/E ratio of 8.72, a P/E/G ratio of 2.96 and a beta of 1.30.

HP (NYSE:HPQ - Get Free Report) last announced its earnings results on Wednesday, May 28th. The computer maker reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.80 by ($0.09). HP had a net margin of 5.18% and a negative return on equity of 253.39%. The company had revenue of $13.22 billion during the quarter, compared to analysts' expectations of $13.09 billion. During the same period in the prior year, the business earned $0.82 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts predict 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 $0.2894 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $1.16 annualized dividend and a dividend yield of 4.72%. HP's dividend payout ratio is presently 44.40%.

HP Company 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.