Bank of New York Mellon Corp Cuts Stock Holdings in HP Inc. (NYSE:HPQ)

Bank of New York Mellon Corp lessened its stake in shares of HP Inc. (NYSE:HPQ) by 17.5% in the 4th quarter, Holdings Channel reports. The firm owned 7,095,003 shares of the computer maker’s stock after selling 1,502,128 shares during the period. Bank of New York Mellon Corp’s holdings in HP were worth $231,510,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its stake in HP by 8.2% during the third quarter. State Street Corp now owns 51,801,428 shares of the computer maker’s stock valued at $1,871,046,000 after buying an additional 3,923,161 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of HP by 11.1% in the third quarter. Geode Capital Management LLC now owns 24,770,491 shares of the computer maker’s stock valued at $885,877,000 after purchasing an additional 2,477,977 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of HP by 4.2% in the fourth quarter. Pacer Advisors Inc. now owns 14,776,697 shares of the computer maker’s stock valued at $482,164,000 after purchasing an additional 592,391 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in HP by 7.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,581,422 shares of the computer maker’s stock worth $307,816,000 after purchasing an additional 612,675 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in HP by 11.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,743,122 shares of the computer maker’s stock valued at $241,876,000 after purchasing an additional 678,985 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

HP Price Performance

HP stock opened at $33.15 on Friday. The stock has a market cap of $31.08 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 2.96 and a beta of 1.05. The firm has a 50-day moving average of $33.15 and a two-hundred day moving average of $34.86. HP Inc. has a 1 year low of $27.42 and a 1 year high of $39.79.

HP (NYSE:HPQ) last announced its quarterly earnings data on Thursday, February 27th. The computer maker reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. The company had revenue of $13.50 billion for the quarter, compared to analysts’ expectations of $13.35 billion. HP had a negative return on equity of 253.39% and a net margin of 5.18%. Research analysts expect that HP Inc. will post 3.56 earnings per share for the current year.

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th will be issued a $0.2894 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $1.16 annualized dividend and a dividend yield of 3.49%. HP’s payout ratio is currently 40.93%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Sanford C. Bernstein upped their target price on shares of HP from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. cut their target price on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Barclays raised their price target on HP from $32.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. Wells Fargo & Company boosted their price objective on shares of HP from $30.00 to $35.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Finally, Citigroup lowered their target price on shares of HP from $37.00 to $36.50 and set a “neutral” rating for the company in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $36.68.

Insider Buying and Selling

In related news, insider Kristen M. Ludgate sold 74,356 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $34.43, for a total value of $2,560,077.08. Following the completion of the transaction, the insider now owns 56,169 shares of the company’s stock, valued at $1,933,898.67. The trade was a 56.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Enrique Lores sold 137,094 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $36.45, for a total value of $4,997,076.30. Following the sale, the chief executive officer now directly owns 89,272 shares in the company, valued at $3,253,964.40. This trade represents a 60.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 262,737 shares of company stock valued at $9,316,641 over the last three months. 0.41% of the stock is owned by company insiders.

HP Company Profile

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.