Manning & Napier Advisors LLC Acquires New Stake in HP Inc. $HPQ

Manning & Napier Advisors LLC bought a new stake in shares of HP Inc. (NYSE:HPQ) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 114,502 shares of the computer maker’s stock, valued at approximately $2,592,000.

A number of other hedge funds have also recently made changes to their positions in HPQ. Garner Asset Management Corp bought a new stake in shares of HP in the 4th quarter valued at about $25,000. SHP Wealth Management purchased a new stake in shares of HP during the 4th quarter valued at $26,000. Union Savings Bank purchased a new stake in HP in the fourth quarter valued at about $28,000. Aberdeen Wealth Management LLC acquired a new position in shares of HP during the second quarter valued at about $29,000. Finally, DV Equities LLC purchased a new position in shares of HP in the 4th quarter valued at approximately $29,000. 77.53% of the stock is currently owned by institutional investors.

HP Trading Up 3.4%

HP stock opened at $29.56 on Wednesday. The company has a 50-day moving average price of $25.96 and a 200 day moving average price of $22.55. The stock has a market cap of $27.04 billion, a P/E ratio of 10.91, a PEG ratio of 4.74 and a beta of 1.17. HP Inc. has a 12-month low of $17.56 and a 12-month high of $32.19.

HP (NYSE:HPQ) last issued its quarterly earnings data on Wednesday, May 27th. The computer maker reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.14. The firm had revenue of $14.41 billion during the quarter, compared to the consensus estimate of $13.99 billion. HP had a negative return on equity of 581.36% and a net margin of 4.45%.The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the company earned $0.71 EPS. As a group, analysts forecast that HP Inc. will post 3.03 EPS for the current year.

HP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 9th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.20 annualized dividend and a dividend yield of 4.1%. HP’s dividend payout ratio (DPR) is presently 44.28%.

Insider Transactions at HP

In related news, insider David P. Mcquarrie sold 21,048 shares of HP stock in a transaction on Friday, August 7th. The stock was sold at an average price of $29.98, for a total value of $631,019.04. Following the completion of the transaction, the insider directly owned 39,580 shares in the company, valued at approximately $1,186,608.40. This trade represents a 34.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 worth $1,478,622. 0.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on HPQ shares. Citigroup lifted their price target on HP from $20.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, May 28th. Weiss Ratings raised shares of HP from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. JPMorgan Chase & Co. raised their price objective on HP from $22.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, May 28th. The Goldman Sachs Group boosted their price objective on HP from $19.00 to $21.00 and gave the company a “sell” rating in a research report on Wednesday, August 12th. Finally, TD Cowen increased their target price on HP from $20.00 to $26.00 and gave the company a “hold” rating in a research report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $24.17.

HP Company Profile

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.