B of A Securities Downgrades HP Outlook from Buy to Neutral

In a recent report, B of A Securities has revised its outlook for HP, moving from a 'Buy' to a 'Neutral' stance. This change, along with shifts in institutional holdings, could impact HP's stock performance in the near term.

Date: 28-09-2024

AI Rating: 5

B of A Securities has downgraded its outlook for HP from Buy to Neutral. Such downgrades generally signal to investors cautious sentiment regarding future performance, likely leading to a decline in stock prices.

The report indicates that there are 2,022 funds or institutions reporting positions in HP, reflecting an increase of 119 owners or 6.25% over the last quarter. While this shows growing interest, the average portfolio weight of funds dedicated to HP is relatively low at 0.24%.

Interestingly, institutional ownership increased by 3.53% in the last three months, totaling 847,428K shares. This uptick could be perceived positively, albeit in the context of the downgrade, the overall sentiment might be restrained.

Several significant institutional shareholders have adjusted their holdings. Dodge & Cox reported a reduction in their position by 0.72% while still increasing their portfolio allocation in HP by 19.04% over the last quarter. Conversely, Bank of America increased its shares by 5.79%, yet drastically decreased its portfolio allocation by 71.17%.

Other funds like VTSMX and Primecap Management have varied activity, with some decreasing their holdings slightly while increasing allocation expenditures. These fluctuations indicate changing investor sentiments that could influence HP’s stock price.

Stocks: HPQ