Vanguard Group Inc. Sells 2,090,136 Shares of HP Inc. (NYSE:HPQ)

Key Points

• Vanguard Group Inc. has reduced its holdings in HP Inc. by 1.7%, now owning approximately 13.17% of the company, equating to about $3.44 billion in value after selling over 2 million shares.
• HP reported a quarterly EPS of $0.71, missing analyst estimates by $0.09, despite a 3.3% revenue increase year-over-year, totaling $13.22 billion.
• The company has announced a quarterly dividend of $0.2894 per share, representing a yield of 4.4% and a payout ratio of 44.79%, with the payment scheduled for October 1st.

Vanguard Group Inc. decreased its holdings in shares of HP Inc. (NYSE:HPQ - Free Report) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,141,262 shares of the computer maker's stock after selling 2,090,136 shares during the quarter. Vanguard Group Inc. owned 13.17% of HP worth $3,437,472,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Gotham Asset Management LLC lifted 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 buying an additional 122,289 shares during the last quarter. BayBridge Capital Group LLC bought a new stake in HP in the 1st quarter worth approximately $1,505,000. Meritage Portfolio Management lifted its position in HP by 37.8% in the 1st quarter. Meritage Portfolio Management now owns 140,632 shares of the computer maker's stock worth $3,894,000 after buying an additional 38,568 shares during the last quarter. Horizon Financial Services LLC lifted its position in HP by 2,669.0% in the first 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. Finally, Vest Financial LLC lifted its position in HP by 63.0% in the first quarter. Vest Financial LLC now owns 41,383 shares of the computer maker's stock valued at $1,146,000 after purchasing an additional 15,989 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on HPQ. JPMorgan Chase & Co. lowered their price objective on HP from $30.00 to $27.00 and set an "overweight" rating for the company in a research report on Thursday, May 29th. Morgan Stanley lowered their price objective on HP from $29.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday, May 29th. KGI Securities assumed coverage on HP in a report on Thursday, May 29th. They set a "neutral" rating for the company. UBS Group decreased their target price on HP from $37.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, May 29th. Finally, Citigroup decreased their target price on HP from $29.00 to $27.50 and set a "neutral" rating for the company in a report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $29.54.

HP Stock Up 3.0%

Shares of NYSE HPQ traded up $0.76 during trading on Friday, reaching $26.11. The company had a trading volume of 7,075,058 shares, compared to its average volume of 7,244,237. HP Inc. has a 12-month low of $21.21 and a 12-month high of $39.79. The stock has a market cap of $24.52 billion, a PE ratio of 10.08, a P/E/G ratio of 2.11 and a beta of 1.29. The business's 50-day moving average is $25.05 and its 200 day moving average is $27.32.

HP (NYSE:HPQ - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The computer maker reported $0.71 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.09). HP had a net margin of 4.64% and a negative return on equity of 244.99%. The business had revenue of $13.22 billion for the quarter, compared to analysts' expectations of $13.09 billion. During the same period last year, the business earned $0.82 earnings per share. The company's quarterly revenue was up 3.3% on a year-over-year basis. On average, analysts anticipate that HP Inc. will post 3.56 earnings per share for the current year.

HP Dividend Announcement

The firm 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 dividend of $0.2894 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $1.16 annualized dividend and a dividend yield of 4.4%. HP's dividend payout ratio (DPR) is 44.79%.

HP 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.