Assetmark Inc. Sells 24,096 Shares of HP Inc. (NYSE:HPQ)

Key Points

• Assetmark Inc. reduced its position in HP Inc. by 17.6%, holding 113,182 shares valued at approximately $3.13 million after selling 24,096 shares in the latest quarter.
• HP's earnings report showed an EPS of $0.71, which missed analysts' expectations by $0.09, while its revenue increased by 3.3% compared to the previous year.
• Analysts have revised HP's price targets downward, with several institutions cutting their targets to as low as $26.00, while the average rating remains at "Hold" with a target price of $29.54.

Assetmark Inc. cut its stake in HP Inc. (NYSE:HPQ - Free Report) by 17.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,182 shares of the computer maker's stock after selling 24,096 shares during the quarter. Assetmark Inc.'s holdings in HP were worth $3,134,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in HP by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 25,350,016 shares of the computer maker's stock valued at $825,398,000 after acquiring an additional 579,525 shares during the period. Gotham Asset Management LLC boosted its holdings 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 acquiring an additional 122,289 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of HP during the fourth quarter valued at about $9,481,000. BayBridge Capital Group LLC acquired a new position in shares of HP during the first quarter valued at about $1,505,000. Finally, National Bank of Canada FI raised its position in shares of HP by 71.7% during the fourth quarter. National Bank of Canada FI now owns 698,376 shares of the computer maker's stock valued at $22,788,000 after buying an additional 291,525 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on HPQ shares. Barclays set a $28.00 price objective on shares of HP and gave the company an "equal weight" rating in a research report on Thursday, May 29th. TD Cowen cut their price objective on shares of HP from $38.00 to $28.00 and set a "hold" rating for the company in a research report on Thursday, May 29th. Wall Street Zen raised shares of HP from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Citigroup cut their price objective on shares of HP from $29.00 to $27.50 and set a "neutral" rating for the company in a research report on Thursday, May 29th. Finally, Bank of America dropped their price target on shares of HP from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. One 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. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $29.54.

HP Stock Performance

HPQ traded down $0.35 during trading on Friday, reaching $24.45. 7,929,429 shares of the company's stock were exchanged, compared to its average volume of 6,783,987. The company's fifty day moving average price is $25.26 and its 200-day moving average price is $27.71. HP Inc. has a fifty-two week low of $21.21 and a fifty-two week high of $39.79. The firm has a market capitalization of $22.97 billion, a PE ratio of 9.44, a P/E/G ratio of 2.01 and a beta of 1.29.

HP (NYSE:HPQ - Get Free Report) last announced its quarterly 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). The firm had revenue of $13.22 billion for 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 company's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 earnings per share. Research analysts forecast that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th will be given a $0.2894 dividend. This represents a $1.16 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Wednesday, September 10th. HP's payout ratio is currently 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.