HP Inc. $HPQ Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its holdings in HP Inc. (NYSE:HPQ) by 6.3% during the first quarter, Holdings Channel.com reports. The firm owned 413,837 shares of the computer maker’s stock after selling 27,871 shares during the period. Corebridge Financial Inc.’s holdings in HP were worth $11,459,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of HP by 52.0% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 177,820 shares of the computer maker’s stock worth $4,924,000 after purchasing an additional 60,822 shares during the last quarter. Comerica Bank lifted its position in HP by 7.1% in the first quarter. Comerica Bank now owns 168,669 shares of the computer maker’s stock valued at $4,670,000 after buying an additional 11,128 shares during the last quarter. Freedom Investment Management Inc. boosted its stake in HP by 11.3% during the first quarter. Freedom Investment Management Inc. now owns 40,791 shares of the computer maker’s stock worth $1,129,000 after buying an additional 4,132 shares during the period. Oak Harvest Investment Services increased its position in shares of HP by 4.9% during the first quarter. Oak Harvest Investment Services now owns 167,963 shares of the computer maker’s stock valued at $4,651,000 after acquiring an additional 7,906 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of HP during the first quarter valued at about $6,359,000. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Stock Down 1.7%

HP stock opened at $27.04 on Wednesday. HP Inc. has a 52-week low of $21.21 and a 52-week high of $39.79. The firm has a market cap of $25.40 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 2.23 and a beta of 1.29. The company’s 50 day moving average is $25.53 and its two-hundred day moving average is $26.88.

HP (NYSE:HPQ) last posted its quarterly earnings data on Wednesday, May 28th. The computer maker reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.09). The company had revenue of $13.22 billion for the quarter, compared to analysts’ expectations of $13.09 billion. HP had a negative return on equity of 244.99% and a net margin of 4.64%.The firm’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 EPS. On average, equities research analysts anticipate that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be issued a dividend of $0.2894 per share. The ex-dividend date is Wednesday, September 10th. This represents a $1.16 annualized dividend and a yield of 4.3%. HP’s dividend payout ratio is 44.40%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Zacks Research upgraded shares of HP from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 19th. KGI Securities initiated coverage on HP in a research report on Thursday, May 29th. They issued a “neutral” rating on the stock. TD Cowen lowered their price target on HP from $38.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 29th. Citigroup dropped their price objective on HP from $29.00 to $27.50 and set a “neutral” rating for the company in a research note on Thursday, May 29th. Finally, Dbs Bank downgraded HP from a “moderate buy” rating to a “hold” rating in a report on Wednesday, June 11th. Two equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, HP has an average 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.