CIBC Asset Management Inc Purchases 22,580 Shares of HP Inc. (NYSE:HPQ)

CIBC Asset Management Inc boosted its position in HP Inc. (NYSE:HPQ) by 15.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 167,533 shares of the computer maker’s stock after purchasing an additional 22,580 shares during the period. CIBC Asset Management Inc’s holdings in HP were worth $6,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in HP in the third quarter worth about $25,000. Triad Wealth Partners LLC bought a new stake in HP in the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in HP in the second quarter worth about $34,000. Wolff Wiese Magana LLC lifted its stake in HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after purchasing an additional 518 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in HP in the third quarter worth about $37,000. Institutional investors own 77.53% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the sale, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

HP Stock Up 0.6 %

Shares of NYSE:HPQ opened at $36.72 on Monday. The company has a market capitalization of $35.39 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 2.51 and a beta of 1.07. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52. The firm has a 50 day moving average of $35.97 and a 200 day moving average of $35.08.

HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same period in the prior year, the firm posted $0.86 earnings per share. HP’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, sell-side analysts expect that HP Inc. will post 3.39 EPS for the current year.

HP announced that its board has approved a stock repurchase plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Friday, September 27th. Morgan Stanley decreased their price target on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. UBS Group lifted their price target on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Tuesday, October 1st. Finally, Barclays decreased their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $35.55.

About HP

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.