HP Inc. (HPQ) Sets New 1-Year High After Analyst Upgrade
HP Inc. (NYSE:HPQ) reached a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $14.00 to $16.00. Citigroup currently has a neutral rating on the stock. HP traded as high as $15.88 and last traded at $15.70, with a volume of 4,625,553 shares changing hands. The stock had previously closed at $15.58.
A number of other research firms have also weighed in on HPQ. Credit Suisse Group AG reissued a “buy” rating and issued a $19.00 target price on shares of HP in a report on Sunday. RBC Capital Markets reissued a “sector perform” rating and issued a $16.00 target price (up from $14.00) on shares of HP in a report on Monday. Royal Bank Of Canada raised their target price on shares of HP from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Monday. Deutsche Bank AG raised their target price on shares of HP from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday. Finally, FBN Securities reissued a “sector perform” rating on shares of HP in a report on Thursday, September 8th. Eighteen analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $15.15.
In other news, insider Marie Myers sold 10,269 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $14.55, for a total transaction of $149,413.95. Following the sale, the insider now owns 22,390 shares of the company’s stock, valued at approximately $325,774.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tracy S. Keogh sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the sale, the insider now directly owns 213,582 shares in the company, valued at approximately $3,203,730. The disclosure for this sale can be found here. Insiders own 0.51% of the company’s stock.
Several large investors have recently modified their holdings of the company. Emerald Acquisition Ltd. purchased a new stake in shares of HP during the second quarter worth approximately $26,430,000. Geode Capital Management LLC boosted its stake in shares of HP by 5.6% in the first quarter. Geode Capital Management LLC now owns 15,103,402 shares of the computer maker’s stock worth $185,720,000 after buying an additional 799,445 shares during the last quarter. PineBridge Investments L.P. boosted its stake in shares of HP by 333.7% in the second quarter. PineBridge Investments L.P. now owns 414,298 shares of the computer maker’s stock worth $5,199,000 after buying an additional 318,772 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of HP by 21.8% in the second quarter. Canada Pension Plan Investment Board now owns 1,459,365 shares of the computer maker’s stock worth $18,315,000 after buying an additional 261,510 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of HP by 90.4% in the second quarter. Victory Capital Management Inc. now owns 293,655 shares of the computer maker’s stock worth $3,686,000 after buying an additional 139,443 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors and hedge funds.
The company has a 50 day moving average price of $14.82 and a 200 day moving average price of $13.42. The stock has a market cap of $26.67 billion, a price-to-earnings ratio of 8.30 and a beta of 1.55.
HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 24th. The computer maker reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.04. The firm earned $11.89 billion during the quarter, compared to the consensus estimate of $11.44 billion. HP had a return on equity of 106.26% and a net margin of 5.41%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 earnings per share. Equities analysts forecast that HP Inc. will post $1.61 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 5th. Investors of record on Wednesday, September 14th were issued a $0.124 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Monday, September 12th. HP’s dividend payout ratio (DPR) is 26.74%.
HP Company Profile
HP Inc, formerly Hewlett-Packard Company, is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses and large enterprises. The Company operates in seven business segments: Personal Systems, Printing, the Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments.
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