Scotia Capital Inc. Purchases New Position in HP Inc. (NYSE:HPQ)

Posted by Defense World Staff on Aug 28th, 2023

Scotia Capital Inc. purchased a new stake in HP Inc. (NYSE:HPQ – Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,245 shares of the computer maker’s stock, valued at approximately $271,000.

Other large investors have also modified their holdings of the company. Certified Advisory Corp acquired a new stake in shares of HP in the first quarter valued at approximately $26,000. GHP Investment Advisors Inc. acquired a new stake in shares of HP in the first quarter valued at approximately $29,000. Glass Jacobson Investment Advisors llc acquired a new stake in shares of HP in the fourth quarter valued at approximately $30,000. Jefferies Financial Group Inc. acquired a new stake in shares of HP in the fourth quarter valued at approximately $32,000. Finally, Sandy Spring Bank boosted its holdings in shares of HP by 56.3% in the fourth quarter. Sandy Spring Bank now owns 1,255 shares of the computer maker’s stock valued at $34,000 after acquiring an additional 452 shares during the period. 76.04% of the stock is owned by institutional investors and hedge funds.

HP Stock Up 0.3 %

HPQ opened at $30.84 on Monday. The firm has a market cap of $30.41 billion, a P/E ratio of 11.68, a PEG ratio of 2.30 and a beta of 1.01. HP Inc. has a 52 week low of $24.08 and a 52 week high of $33.90. The business’s fifty day simple moving average is $31.74 and its 200 day simple moving average is $30.30.

HP (NYSE:HPQ – Get Free Report) last posted its quarterly earnings data on Tuesday, May 30th. The computer maker reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The business had revenue of $12.91 billion for the quarter, compared to analyst estimates of $13.07 billion. HP had a negative return on equity of 121.57% and a net margin of 4.75%. The business’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 earnings per share. As a group, equities analysts expect that HP Inc. will post 3.35 EPS for the current fiscal year.

HP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be paid a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Tuesday, September 12th. HP’s payout ratio is currently 39.77%.

Insider Activity at HP

In related news, CEO Enrique Lores sold 156,976 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $30.69, for a total transaction of $4,817,593.44. Following the sale, the chief executive officer now owns 766,268 shares of the company’s stock, valued at $23,516,764.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other HP news, CEO Enrique Lores sold 156,976 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $30.69, for a total value of $4,817,593.44. Following the sale, the chief executive officer now directly owns 766,268 shares of the company’s stock, valued at approximately $23,516,764.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Marie Myers sold 4,165 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $32.57, for a total value of $135,654.05. Following the completion of the sale, the chief financial officer now directly owns 26,446 shares in the company, valued at $861,346.22. The disclosure for this sale can be found here. Insiders have sold a total of 198,620 shares of company stock valued at $6,108,881 over the last quarter. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on HPQ. UBS Group increased their price objective on HP from $30.00 to $31.00 in a report on Wednesday, May 31st. Citigroup began coverage on HP in a research note on Thursday, June 29th. They set a “neutral” rating and a $32.00 price target for the company. StockNews.com upgraded HP from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. 58.com restated a “maintains” rating on shares of HP in a research note on Wednesday, May 31st. Finally, Bank of America upped their price target on HP from $26.00 to $27.00 in a research note on Wednesday, May 31st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $29.94.

Read Our Latest Analysis on HPQ

About HP

(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.