Fisher Funds Management LTD has significantly expanded its portfolio by acquiring 53,694 shares of Hewlett Packard Enterprise Company (NYSE:HPE), valued at approximately $1.32 million. This acquisition occurred during the third quarter, as detailed in the firm’s latest 13F filing with the Securities and Exchange Commission. Fisher Funds’ investment reflects a growing interest in technology stocks among institutional investors.
Several other hedge funds have also adjusted their holdings in Hewlett Packard Enterprise recently. TFC Financial Management Inc. increased its stake by an impressive 2,694.4%, now owning 1,006 shares valued at $25,000. CVA Family Office LLC and Hantz Financial Services Inc. made notable increases, with the former boosting its position by 126.7% and the latter by 74.4%. These movements indicate a strong institutional confidence in the company, as hedge funds and institutional investors currently hold approximately 80.78% of the company’s stock.
Analyst Ratings and Market Performance
Hewlett Packard Enterprise has been the subject of various analyst ratings recently. UBS Group raised its price objective for HPE shares from $23.00 to $25.00, maintaining a “neutral” rating. Similarly, Barclays increased its target from $26.00 to $27.00 with an “overweight” rating. This trend continued as Morgan Stanley reiterated an “equal weight” rating with a reduced price objective of $25.00, down from $28.00.
Overall, the stock has garnered a consensus rating of “Hold” from analysts, with a consensus price target of $25.53. This reflects a broad range of opinions, with one analyst rating the stock as a Strong Buy, eight as Buy, and thirteen as Hold.
Recent market performance has been somewhat volatile, with shares opening at $21.45 and a market capitalization of $28.63 billion. The company’s earnings report released on December 4, 2023, revealed earnings per share of $0.62, surpassing analysts’ estimates of $0.59. The revenue for the quarter was reported at $9.68 billion, slightly below the consensus estimate of $9.91 billion, but reflecting a year-over-year increase of 14.7%.
Insider Transactions and Dividend Announcement
In other news, significant insider transactions have occurred at Hewlett Packard Enterprise. Senior Vice President Kirt P. Karros sold 36,460 shares on December 24, 2023, for a total of $897,280.60, reducing his ownership by 66.00%. Another executive, Maeve C. Culloty, sold 35,958 shares on December 11, 2023, for about $886,724.28. In total, insiders sold 585,537 shares worth approximately $14.26 million in the last quarter.
Hewlett Packard Enterprise also announced a quarterly dividend, which was distributed on January 16, 2024. Shareholders of record received a dividend of $0.1425 per share, marking an increase from the previous $0.13 per share. This reflects a commitment to returning value to shareholders, even as the company sets ambitious financial guidance for the upcoming fiscal year.
Hewlett Packard Enterprise, which specializes in IT infrastructure and services for businesses and government customers, continues to focus on hybrid cloud solutions and consumption-based IT. As the tech landscape evolves, the company aims to position itself as a leader in enterprise technology.
