Zurcher Kantonalbank Zurich Cantonalbank Sells 20,514 Shares of HP Inc. (NYSE:HPQ)

Key Points

• Zurcher Kantonalbank sold 20,514 shares of HP Inc., reducing its stake by 8.6%, leaving it with 218,376 shares worth approximately $6,047,000.
• HP reported earnings per share of $0.71 for the last quarter, which missed expectations by $0.09, although the company's revenue was up 3.3% year-over-year.
• The firm announced a quarterly dividend of $0.2894 per share, with a dividend yield of 4.62% and an upcoming ex-dividend date on September 10th.

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in HP Inc. (NYSE:HPQ - Free Report) by 8.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 218,376 shares of the computer maker's stock after selling 20,514 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in HP were worth $6,047,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of HP during the first quarter worth about $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in HP in the 4th quarter worth approximately $36,000. Iron Horse Wealth Management LLC acquired a new stake in HP in the 1st quarter valued at approximately $39,000. Financial Freedom LLC raised its stake in HP by 141.4% during the 1st quarter. Financial Freedom LLC now owns 1,499 shares of the computer maker's stock valued at $42,000 after acquiring an additional 878 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its position in HP by 165.3% during the 1st quarter. Golden State Wealth Management LLC now owns 1,520 shares of the computer maker's stock worth $42,000 after acquiring an additional 947 shares during the period. 77.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on HPQ shares. Barclays set a $28.00 price objective on shares of HP and gave the stock an "equal weight" rating in a report on Thursday, May 29th. Morgan Stanley dropped their target price on HP from $29.00 to $26.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. Citigroup decreased their price target on HP from $29.00 to $27.50 and set a "neutral" rating for the company in a research note on Thursday, May 29th. KGI Securities started coverage on HP in a research note on Thursday, May 29th. They set a "neutral" rating for the company. Finally, Wells Fargo & Company dropped their price target on shares of HP from $35.00 to $25.00 and set an "underweight" rating on the stock in a research report on Thursday, May 29th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $29.54.

HP Stock Performance

Shares of HPQ stock traded down $0.35 during trading on Friday, hitting $24.45. 7,929,429 shares of the company were exchanged, compared to its average volume of 6,783,987. The business's 50-day simple moving average is $25.26 and its 200 day simple moving average is $27.71. HP Inc. has a twelve month low of $21.21 and a twelve month high of $39.79. The firm has a market capitalization of $22.97 billion, a price-to-earnings 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 (EPS) for the quarter, missing the consensus estimate 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 net margin of 4.64% and a negative return on equity of 244.99%. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.82 earnings per share. On average, equities analysts forecast that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Dividend Announcement

The firm 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 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Wednesday, September 10th. HP's dividend payout ratio is presently 44.79%.

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.