HP Inc. (HPQ) Upgraded at Zacks Investment Research
HP Inc. (NYSE:HPQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $23.00 price objective on the computer maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.81% from the stock’s previous close.
According to Zacks, “Shares of technology giant, HP has outperformed the industry on a year-to-basis. The company’s efforts to turn around the business have been commendable. HP is working on product innovation, differentiation and enhancing the capabilities of its printing business to stabilize the top line. Furthermore, looking at the recently released data on PC shipment by IDC depicts that HP’s restructuring initiatives which includes divestment of non-core assets and cutting jobs to lower costs along with focus on product innovations, pricing, marketing and sales activities, are paying off. Nonetheless, pricing pressure due to intense competition remains a major concern. Moreover, a tepid IT spending environment adds to its woes.”
Other equities research analysts have also issued research reports about the company. BidaskClub lowered HP from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Mizuho raised HP from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $21.00 in a report on Monday, July 10th. Loop Capital initiated coverage on HP in a report on Tuesday, August 22nd. They issued a “buy” rating and a $23.00 price objective for the company. Royal Bank Of Canada reissued a “buy” rating and issued a $22.00 price objective on shares of HP in a report on Thursday, August 24th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of HP in a report on Thursday, August 24th. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $20.92.
HP (NYSE:HPQ) traded up 0.05% during trading on Tuesday, hitting $20.58. 4,689,973 shares of the company traded hands. HP has a 12-month low of $13.77 and a 12-month high of $20.73. The stock has a 50 day moving average price of $19.57 and a 200 day moving average price of $18.71. The company has a market capitalization of $34.37 billion, a P/E ratio of 14.96 and a beta of 1.94.
HP (NYSE:HPQ) last announced its quarterly earnings data on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.01. HP had a negative return on equity of 64.93% and a net margin of 4.66%. The company had revenue of $13.06 billion during the quarter, compared to analyst estimates of $12.31 billion. During the same quarter last year, the firm posted $0.48 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities analysts anticipate that HP will post $1.65 earnings per share for the current year.
In related news, insider Marie Myers sold 11,752 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $19.25, for a total value of $226,226.00. Following the completion of the sale, the insider now owns 11,752 shares in the company, valued at approximately $226,226. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tracy S. Keogh sold 265,600 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.90, for a total value of $5,285,440.00. Following the completion of the sale, the insider now owns 165,952 shares of the company’s stock, valued at approximately $3,302,444.80. The disclosure for this sale can be found here. Insiders sold a total of 2,382,193 shares of company stock valued at $46,250,316 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. lifted its position in HP by 19.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 6,167 shares of the computer maker’s stock worth $108,000 after buying an additional 1,013 shares during the last quarter. American Beacon Advisors Inc. bought a new stake in HP in the first quarter valued at approximately $112,000. YorkBridge Wealth Partners LLC lifted its position in HP by 3.2% in the second quarter. YorkBridge Wealth Partners LLC now owns 6,457 shares of the computer maker’s stock valued at $113,000 after purchasing an additional 200 shares during the last quarter. First Command Bank lifted its position in HP by 80.0% in the second quarter. First Command Bank now owns 6,714 shares of the computer maker’s stock valued at $118,000 after purchasing an additional 2,984 shares during the last quarter. Finally, Evercore Wealth Management LLC lifted its position in HP by 14.0% in the second quarter. Evercore Wealth Management LLC now owns 6,793 shares of the computer maker’s stock valued at $119,000 after purchasing an additional 836 shares during the last quarter. Institutional investors own 79.18% of the company’s stock.
HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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