HP Inc. (NYSE:HPQ) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in HP Inc. (NYSE:HPQ - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,905,348 shares of the computer maker's stock after selling 189,655 shares during the quarter. Bank of New York Mellon Corp owned 0.73% of HP worth $191,209,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in HP by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 25,350,016 shares of the computer maker's stock worth $825,398,000 after buying an additional 579,525 shares during the last quarter. Northern Trust Corp grew its position in HP by 15.8% during the 4th quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker's stock worth $419,126,000 after purchasing an additional 1,755,942 shares in the last quarter. Invesco Ltd. grew its position in HP by 7.3% during the 4th quarter. Invesco Ltd. now owns 9,511,218 shares of the computer maker's stock worth $310,351,000 after purchasing an additional 643,192 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in HP by 8.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,289,164 shares of the computer maker's stock worth $303,105,000 after purchasing an additional 707,742 shares in the last quarter. Finally, Norges Bank purchased a new position in HP during the 4th quarter worth approximately $229,320,000. Institutional investors and hedge funds own 77.53% of the company's stock.

HP Price Performance

HP stock opened at $25.36 on Tuesday. The firm has a market cap of $23.82 billion, a price-to-earnings ratio of 9.79, a P/E/G ratio of 2.11 and a beta of 1.27. HP Inc. has a fifty-two week low of $21.21 and a fifty-two week high of $39.80. The firm has a fifty day moving average price of $25.99 and a two-hundred day moving average price of $28.62.

HP (NYSE:HPQ - Get Free Report) last released 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). The firm had revenue of $13.22 billion for the quarter, compared to analyst estimates of $13.09 billion. HP had a negative return on equity of 244.99% and a net margin of 4.64%. The firm's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS. As a group, sell-side analysts expect that HP Inc. will post 3.56 earnings per share for the current year.

HP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.2894 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date is Wednesday, September 10th. HP's dividend payout ratio is 44.40%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on HPQ shares. TD Cowen lowered their price objective on shares of HP from $38.00 to $28.00 and set a "hold" rating on the stock in a research report on Thursday, May 29th. Morgan Stanley lowered their price target on shares of HP from $29.00 to $26.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. Dbs Bank cut shares of HP from a "moderate buy" rating to a "hold" rating in a report on Wednesday, June 11th. Evercore ISI lowered their price target on shares of HP from $40.00 to $32.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Citigroup lowered their price target on shares of HP from $29.00 to $27.50 and set a "neutral" rating on the stock in a report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, HP presently 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.

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