Alberta Investment Management Corp Grows Stock Position in HP Inc. (NYSE:HPQ)

Key Points

• Alberta Investment Management Corp increased its stake in HP Inc. by 97.6%, acquiring a total of 147,000 shares valued at approximately $4.07 million as of the end of the last quarter.
• HP reported $0.71 earnings per share for the recent quarter, which was below the consensus estimate of $0.80, despite revenues of $13.22 billion that exceeded expectations.
• The company announced a quarterly dividend of $0.2894, representing an annualized dividend yield of 4.7%, with the ex-dividend date set for September 10th.

Alberta Investment Management Corp boosted its holdings in shares of HP Inc. (NYSE:HPQ - Free Report) by 97.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 147,000 shares of the computer maker's stock after purchasing an additional 72,600 shares during the quarter. Alberta Investment Management Corp's holdings in HP were worth $4,070,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in HPQ. Gotham Asset Management LLC raised its stake in HP by 23.6% during the fourth quarter. Gotham Asset Management LLC now owns 639,423 shares of the computer maker's stock valued at $20,864,000 after purchasing an additional 122,289 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of HP in the 4th quarter valued at about $9,481,000. BayBridge Capital Group LLC bought a new stake in HP during the first quarter worth approximately $1,505,000. Meritage Portfolio Management raised its position in HP by 37.8% during the first quarter. Meritage Portfolio Management now owns 140,632 shares of the computer maker's stock valued at $3,894,000 after purchasing an additional 38,568 shares during the period. Finally, Horizon Financial Services LLC lifted its stake in shares of HP by 2,669.0% in the 1st quarter. Horizon Financial Services LLC now owns 11,519 shares of the computer maker's stock valued at $319,000 after purchasing an additional 11,103 shares during the last quarter. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Price Performance

NYSE HPQ traded up $0.08 during trading on Tuesday, reaching $25.05. 6,280,277 shares of the company's stock traded hands, compared to its average volume of 7,154,721. The company's 50 day simple moving average is $25.13 and its two-hundred day simple moving average is $27.53. HP Inc. has a 12-month low of $21.21 and a 12-month high of $39.79. The firm has a market cap of $23.53 billion, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of 2.02 and a beta of 1.29.

HP (NYSE:HPQ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The computer maker reported $0.71 EPS for the quarter, missing analysts' consensus estimates 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 negative return on equity of 244.99% and a net margin of 4.64%. The business's quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.82 EPS. Research analysts expect that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be paid a $0.2894 dividend. This represents a $1.16 annualized dividend and a yield of 4.6%. The ex-dividend date is Wednesday, September 10th. HP's payout ratio is 44.79%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HPQ. Morgan Stanley reduced their target price on shares of HP from $29.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 29th. Bank of America dropped their target price on HP from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Citigroup reduced their price target on HP from $29.00 to $27.50 and set a "neutral" rating on the stock in a report on Thursday, May 29th. UBS Group dropped their price objective on HP from $37.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, May 29th. Finally, Evercore ISI decreased their target price on HP from $40.00 to $32.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $29.54.

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.