National Bank of Canada FI Acquires 20,749 Shares of HP Inc. (NYSE:HPQ)

Posted by Defense World Staff on Jun 30th, 2023

National Bank of Canada FI boosted its holdings in HP Inc. (NYSE:HPQ – Free Report) by 31.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,467 shares of the computer maker’s stock after purchasing an additional 20,749 shares during the period. National Bank of Canada FI’s holdings in HP were worth $2,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Vontobel Holding Ltd. grew its position in HP by 80.2% in the first quarter. Vontobel Holding Ltd. now owns 413,661 shares of the computer maker’s stock valued at $12,141,000 after purchasing an additional 184,165 shares in the last quarter. Adams Asset Advisors LLC grew its position in HP by 0.3% in the first quarter. Adams Asset Advisors LLC now owns 305,931 shares of the computer maker’s stock valued at $8,979,000 after purchasing an additional 990 shares in the last quarter. Private Trust Co. NA grew its position in shares of HP by 1,255.5% in the 1st quarter. Private Trust Co. NA now owns 13,514 shares of the computer maker’s stock valued at $397,000 after acquiring an additional 12,517 shares during the period. Foundation Resource Management Inc. grew its position in shares of HP by 17.3% in the 1st quarter. Foundation Resource Management Inc. now owns 373,135 shares of the computer maker’s stock valued at $10,952,000 after acquiring an additional 54,998 shares during the period. Finally, Wedmont Private Capital bought a new position in shares of HP in the 1st quarter valued at about $216,000. Institutional investors own 76.18% of the company’s stock.

HP Trading Up 1.3 %

Shares of NYSE:HPQ opened at $30.32 on Friday. The firm has a 50 day moving average of $30.07 and a 200-day moving average of $29.13. The stock has a market capitalization of $29.89 billion, a PE ratio of 11.48, a PEG ratio of 2.22 and a beta of 1.00. HP Inc. has a 12 month low of $24.08 and a 12 month high of $35.32.

HP (NYSE:HPQ – Free Report) last issued its earnings results on Tuesday, May 30th. The computer maker reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. The company had revenue of $12.91 billion during the quarter, compared to analysts’ expectations of $13.07 billion. HP had a net margin of 4.75% and a negative return on equity of 121.57%. The business’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.08 EPS. On average, research analysts predict that HP Inc. will post 3.35 EPS for the current fiscal year.

HP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Tuesday, September 12th. HP’s dividend payout ratio (DPR) is presently 39.77%.

Insider Activity at HP

In related news, CEO Enrique Lores sold 38,000 shares of HP stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $29.51, for a total transaction of $1,121,380.00. Following the sale, the chief executive officer now directly owns 766,268 shares of the company’s stock, valued at approximately $22,612,568.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other HP news, CFO Marie Myers sold 4,165 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $29.86, for a total transaction of $124,366.90. Following the sale, the chief financial officer now directly owns 38,941 shares of the company’s stock, valued at approximately $1,162,778.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Enrique Lores sold 38,000 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $29.51, for a total transaction of $1,121,380.00. Following the completion of the sale, the chief executive officer now directly owns 766,268 shares in the company, valued at $22,612,568.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,495 shares of company stock valued at $1,490,024. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of HP in a research report on Monday, March 20th. They issued a “neutral” rating and a $26.00 price objective for the company. 58.com reissued a “maintains” rating on shares of HP in a research report on Wednesday, May 31st. StockNews.com raised shares of HP from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Bank of America lifted their target price on shares of HP from $26.00 to $27.00 in a report on Wednesday, May 31st. Finally, JPMorgan Chase & Co. raised shares of HP from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $30.00 to $35.00 in a report on Monday, April 17th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, HP presently has a consensus rating of “Hold” and a consensus price target of $29.81.

HP Profile

(Free Report)

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.