Arizona State Retirement System Has $7.51 Million Stake in HP Inc. (NYSE:HPQ)

Arizona State Retirement System reduced its holdings in HP Inc. (NYSE:HPQ) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 271,108 shares of the computer maker’s stock after selling 2,077 shares during the quarter. Arizona State Retirement System’s holdings in HP were worth $7,507,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Proficio Capital Partners LLC bought a new stake in shares of HP during the fourth quarter worth $211,000. HighTower Advisors LLC lifted its position in HP by 1.0% during the 4th quarter. HighTower Advisors LLC now owns 191,082 shares of the computer maker’s stock worth $6,235,000 after buying an additional 1,835 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in HP by 7.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 25,128 shares of the computer maker’s stock worth $820,000 after acquiring an additional 1,715 shares during the last quarter. Frank Rimerman Advisors LLC increased its position in HP by 3.7% in the 4th quarter. Frank Rimerman Advisors LLC now owns 15,597 shares of the computer maker’s stock valued at $509,000 after acquiring an additional 558 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of HP by 1.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 100,821 shares of the computer maker’s stock worth $3,290,000 after acquiring an additional 1,314 shares during the last quarter. 77.53% of the stock is currently owned by institutional investors.

HP Trading Down 2.3%

NYSE HPQ opened at $24.83 on Tuesday. HP Inc. has a 12 month low of $21.21 and a 12 month high of $39.80. The stock has a 50-day simple moving average of $25.97 and a 200 day simple moving average of $28.35. The company has a market capitalization of $23.32 billion, a PE ratio of 9.59, a P/E/G ratio of 2.06 and a beta of 1.27.

HP (NYSE:HPQ) last posted its earnings results on Wednesday, May 28th. The computer maker reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). The company had revenue of $13.22 billion for the quarter, compared to analyst estimates of $13.09 billion. HP had a negative return on equity of 244.99% and a net margin of 4.64%. HP’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 earnings per share. As a group, sell-side analysts predict that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be paid a $0.2894 dividend. This represents a $1.16 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Wednesday, September 10th. HP’s payout ratio is presently 44.40%.

Wall Street Analyst Weigh In

HPQ has been the topic of several research analyst reports. Dbs Bank cut shares of HP from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, June 11th. UBS Group reduced their price objective on HP from $37.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, May 29th. Morgan Stanley decreased their price objective on HP from $29.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 29th. Citigroup dropped their target price on HP from $29.00 to $27.50 and set a “neutral” rating for the company in a research report on Thursday, May 29th. Finally, Bank of America decreased their price target on HP from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $29.54.

HP 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.