OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in HP Inc. (NYSE:HPQ)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has invested $790,000 in HP Inc., acquiring 27,945 shares of the company during the first quarter.
• HP's shares recently missed earnings expectations, reporting $0.71 EPS against a consensus estimate of $0.80, while revenue showed a 3.3% increase year-over-year.
• The company has declared a quarterly dividend of $0.2894, which represents an annualized dividend yield of 4.7%.

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in HP Inc. (NYSE:HPQ - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 27,945 shares of the computer maker's stock, valued at approximately $790,000.

Other institutional investors have also recently made changes to their positions in the company. Gotham Asset Management LLC boosted its position in HP by 23.6% in the 4th quarter. Gotham Asset Management LLC now owns 639,423 shares of the computer maker's stock worth $20,864,000 after purchasing an additional 122,289 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in HP in the 4th quarter worth about $9,481,000. BayBridge Capital Group LLC acquired a new stake in HP in the first quarter valued at approximately $1,505,000. Meritage Portfolio Management increased its position in shares of HP by 37.8% in the first quarter. Meritage Portfolio Management now owns 140,632 shares of the computer maker's stock valued at $3,894,000 after buying an additional 38,568 shares in the last quarter. Finally, Horizon Financial Services LLC grew its stake 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 acquiring an additional 11,103 shares during the period. Hedge funds and other institutional investors own 77.53% of the company's stock.

HP Stock Performance

Shares of HPQ traded down $0.02 during mid-day trading on Wednesday, hitting $25.03. 8,104,254 shares of the company's stock were exchanged, compared to its average volume of 8,294,379. The company has a market cap of $23.51 billion, a price-to-earnings ratio of 9.67, a P/E/G ratio of 2.02 and a beta of 1.29. The stock's 50-day moving average is $25.06 and its 200-day moving average is $27.51. HP Inc. has a fifty-two week low of $21.21 and a fifty-two week high of $39.79.

HP (NYSE:HPQ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The computer maker reported $0.71 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.09). The business had revenue of $13.22 billion during 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 business's revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 EPS. As a group, equities research analysts anticipate that HP Inc. will post 3.56 EPS for the current year.

HP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be issued a dividend of $0.2894 per share. 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 Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Bank of America decreased their price target 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. 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 report on Thursday, May 29th. Wall Street Zen raised HP from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Barclays set a $28.00 price target on HP and gave the stock an "equal weight" rating in a report on Thursday, May 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of HP from $30.00 to $27.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. 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 stock. Based on data from MarketBeat.com, HP currently has an average rating of "Hold" and a consensus 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.