Man Group plc Purchases New Position in HP Inc. $HPQ

Man Group plc acquired a new stake in shares of HP Inc. (NYSE:HPQ) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,801,428 shares of the computer maker’s stock, valued at approximately $149,223,000. Man Group plc owned approximately 0.74% of HP as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. IHT Wealth Management LLC raised its holdings in shares of HP by 3.3% during the 2nd quarter. IHT Wealth Management LLC now owns 12,470 shares of the computer maker’s stock valued at $305,000 after purchasing an additional 398 shares in the last quarter. Vident Advisory LLC boosted its holdings in HP by 0.6% in the second quarter. Vident Advisory LLC now owns 69,579 shares of the computer maker’s stock worth $1,702,000 after purchasing an additional 444 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in HP by 10.3% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 5,020 shares of the computer maker’s stock worth $110,000 after buying an additional 467 shares during the last quarter. Vise Technologies Inc. increased its position in HP by 2.4% during the third quarter. Vise Technologies Inc. now owns 20,531 shares of the computer maker’s stock worth $559,000 after buying an additional 477 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC raised its holdings in HP by 0.6% during the second quarter. Legacy Wealth Asset Management LLC now owns 80,784 shares of the computer maker’s stock valued at $1,772,000 after buying an additional 491 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at HP

In other news, insider David P. Mcquarrie sold 21,048 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $29.98, for a total transaction of $631,019.04. Following the transaction, the insider owned 39,580 shares in the company, valued at approximately $1,186,608.40. The trade was a 34.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 52,620 shares of company stock valued at $1,478,622. Company insiders own 0.18% of the company’s stock.

HP Stock Up 3.4%

Shares of NYSE HPQ opened at $29.56 on Wednesday. HP Inc. has a 12 month low of $17.56 and a 12 month high of $32.19. The company has a market cap of $27.04 billion, a P/E ratio of 10.91, a P/E/G ratio of 4.74 and a beta of 1.17. The business’s 50 day moving average is $25.96 and its two-hundred day moving average is $22.55.

HP (NYSE:HPQ) last posted its quarterly earnings data on Wednesday, May 27th. The computer maker reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.14. HP had a negative return on equity of 581.36% and a net margin of 4.45%.The company had revenue of $14.41 billion during the quarter, compared to analysts’ expectations of $13.99 billion. During the same period in the prior year, the business earned $0.71 earnings per share. HP’s revenue for the quarter was up 9.0% compared to the same quarter last year. Sell-side analysts expect that HP Inc. will post 3.03 earnings per share for the current fiscal year.

HP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Wednesday, September 9th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.20 dividend on an annualized basis and a yield of 4.1%. HP’s dividend payout ratio is 44.28%.

Wall Street Analyst Weigh In

HPQ has been the subject of several recent analyst reports. Citigroup upped their price target on HP from $20.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 28th. Wall Street Zen raised HP from a “hold” rating to a “buy” rating in a research note on Saturday. JPMorgan Chase & Co. boosted their target price on HP from $22.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, May 28th. Evercore set a $32.00 target price on HP in a research report on Monday. Finally, Wells Fargo & Company increased their price target on HP from $18.00 to $20.00 and gave the company an “underweight” rating in a report on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $24.17.

About HP

HP Inc is an American multinational information technology company that designs, manufactures and sells personal computing devices, printers and related supplies and services. Its product portfolio spans consumer and commercial notebooks and desktops, workstations, displays and accessories, as well as an extensive line of printing hardware that includes home, office and production printers. HP also provides consumables such as ink and toner, managed print services, device deployment and lifecycle support, and software for device and print management.

Founded from the original Hewlett‑Packard Company, HP Inc became a separately traded public company in 2015 following a corporate split that created Hewlett Packard Enterprise to focus on enterprise hardware and services.