Magnetar Financial LLC Grows Stock Position in HP Inc. $HPQ

Key Points

• Magnetar Financial LLC increased its stake in HP Inc. by 153.3% during the first quarter, acquiring 246,278 shares to hold a total of 406,908 shares valued at approximately $11.27 million.
• HP Inc. plans to pay a quarterly dividend of $0.2894 per share on October 1st, 2023, which translates to an annual yield of 4.1%.
• Several analysts have adjusted their price targets for HPQ, with UBS Group raising it to $29.00, while Wells Fargo lowered it to $25.00, indicating varied outlooks on the stock.

Magnetar Financial LLC raised its holdings in shares of HP Inc. (NYSE:HPQ - Free Report) by 153.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 406,908 shares of the computer maker's stock after acquiring an additional 246,278 shares during the period. Magnetar Financial LLC's holdings in HP were worth $11,267,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Gotham Asset Management LLC lifted its holdings in shares of 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. BayBridge Capital Group LLC bought a new position in shares of HP during the first quarter worth approximately $1,505,000. Meritage Portfolio Management boosted its holdings in shares of HP by 37.8% in the 1st 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 in the last quarter. Jump Financial LLC acquired a new stake in HP during the 1st quarter worth approximately $6,359,000. Finally, Horizon Financial Services LLC grew its position in 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 period. 77.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on HPQ shares. Bank of America dropped their price target on HP from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. KGI Securities began coverage on shares of HP in a research note on Thursday, May 29th. They set a "neutral" rating for the company. Wall Street Zen upgraded shares of HP from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Zacks Research upgraded shares of HP from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 19th. Finally, Citigroup cut their price objective on HP from $29.00 to $27.50 and set a "neutral" rating on the stock in a research report on Thursday, May 29th. Two research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, HP presently has a consensus rating of "Hold" and an average price target of $29.96.

HP Price Performance

Shares of NYSE HPQ traded up $0.40 during midday trading on Tuesday, reaching $28.94. 13,249,708 shares of the company traded hands, compared to its average volume of 8,395,728. HP Inc. has a 52 week low of $21.21 and a 52 week high of $39.79. The stock has a 50-day moving average price of $25.85 and a 200 day moving average price of $26.69. The company has a market cap of $27.05 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 2.30 and a beta of 1.29.

HP (NYSE:HPQ - Get Free Report) last released its earnings results on Wednesday, August 27th. The computer maker reported $0.75 earnings per share for the quarter, meeting the consensus estimate of $0.75. HP had a negative return on equity of 262.03% and a net margin of 4.83%.The company had revenue of $13.93 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter in the previous year, the business posted $0.83 EPS. The business's revenue for the quarter was up 3.1% on a year-over-year basis. HP has set its Q4 2025 guidance at 0.870-0.97 EPS. As a group, analysts expect 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. Investors of record on Wednesday, September 10th will be given a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, September 10th. HP's dividend payout ratio (DPR) is currently 42.34%.

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.