Covington Capital Management Buys 686 Shares of HP Inc. (NYSE:HPQ)

Posted by Defense World Staff on Mar 15th, 2023

Covington Capital Management increased its stake in HP Inc. (NYSE:HPQ – Get Rating) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,530 shares of the computer maker’s stock after acquiring an additional 686 shares during the period. Covington Capital Management’s holdings in HP were worth $1,234,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of HPQ. Certified Advisory Corp purchased a new position in HP during the 1st quarter valued at about $26,000. GHP Investment Advisors Inc. purchased a new position in HP during the 2nd quarter valued at about $26,000. Old North State Trust LLC purchased a new position in shares of HP during the 3rd quarter worth approximately $26,000. Exchange Traded Concepts LLC grew its holdings in shares of HP by 665.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,072 shares of the computer maker’s stock worth $27,000 after acquiring an additional 932 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of HP during the 3rd quarter worth approximately $27,000. Institutional investors own 79.68% of the company’s stock.

HP Trading Up 1.7 %

HPQ stock opened at $27.81 on Wednesday. The stock has a market capitalization of $27.40 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 3.05 and a beta of 1.01. HP Inc. has a 12-month low of $24.08 and a 12-month high of $41.47. The stock’s 50 day simple moving average is $28.89 and its 200 day simple moving average is $28.01.

HP (NYSE:HPQ – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The computer maker reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.01. The business had revenue of $13.83 billion for the quarter, compared to analysts’ expectations of $14.17 billion. HP had a negative return on equity of 141.20% and a net margin of 4.36%. The firm’s quarterly revenue was down 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 EPS. On average, research analysts predict that HP Inc. will post 3.29 earnings per share for the current year.

HP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 5th. Stockholders of record on Wednesday, March 8th will be issued a dividend of $0.2625 per share. The ex-dividend date is Tuesday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 3.78%. HP’s payout ratio is 41.83%.

Analysts Set New Price Targets

HPQ has been the topic of a number of research analyst reports. UBS Group set a $30.00 target price on HP in a report on Thursday, November 24th. Bank of America reduced their target price on HP from $27.00 to $26.00 in a report on Wednesday, March 1st. Barclays reduced their target price on HP from $27.00 to $24.00 and set an “underweight” rating on the stock in a report on Wednesday, November 23rd. Morgan Stanley boosted their price target on HP from $24.00 to $28.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 21st. Finally, TheStreet cut HP from a “b-” rating to a “c+” rating in a research report on Tuesday, February 28th. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $29.40.

Insider Activity

In other news, CFO Marie Myers sold 7,380 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $29.87, for a total transaction of $220,440.60. Following the transaction, the chief financial officer now directly owns 22,648 shares of the company’s stock, valued at approximately $676,495.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Marie Myers sold 7,380 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $29.87, for a total transaction of $220,440.60. Following the transaction, the chief financial officer now directly owns 22,648 shares of the company’s stock, valued at approximately $676,495.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider David P. Mcquarrie sold 20,609 shares of the stock in a transaction on Wednesday, December 28th. The shares were sold at an average price of $26.64, for a total value of $549,023.76. Following the transaction, the insider now directly owns 4,551 shares in the company, valued at $121,238.64. The disclosure for this sale can be found here. Insiders have sold 76,749 shares of company stock valued at $2,105,460 in the last ninety days. 0.32% of the stock is currently owned by company insiders.

HP Profile

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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.