HP Inc. (HPQ) Shares Gap Up After Analyst Upgrade
HP Inc. (NYSE:HPQ) shares gapped up prior to trading on Monday after Citigroup raised their price target on the stock from $20.00 to $23.00. The stock had previously closed at $22.47, but opened at $21.71. Citigroup currently has a buy rating on the stock. HP shares last traded at $21.78, with a volume of 4,938,775 shares trading hands.
A number of other research analysts have also issued reports on HPQ. BidaskClub lowered HP from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. Morgan Stanley restated an “overweight” rating and issued a $23.00 price target on shares of HP in a research note on Monday, June 26th. ValuEngine upgraded HP from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Mizuho upgraded HP from a “neutral” rating to a “buy” rating and raised their price target for the company from $20.00 to $21.00 in a research note on Monday, July 10th. Finally, Zacks Investment Research upgraded HP from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Wednesday, July 12th. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $21.27.
In other HP news, Director Margaret C. Whitman sold 295,936 shares of the business’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $19.00, for a total value of $5,622,784.00. Following the completion of the transaction, the director now directly owns 766,825 shares in the company, valued at approximately $14,569,675. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dion J. Weisler sold 95,521 shares of the business’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $19.97, for a total value of $1,907,554.37. Following the completion of the transaction, the chief executive officer now owns 435,018 shares of the company’s stock, valued at $8,687,309.46. The disclosure for this sale can be found here. Insiders sold a total of 2,168,171 shares of company stock valued at $42,637,791 over the last quarter. 0.62% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in HP by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 123,633,569 shares of the computer maker’s stock valued at $2,161,114,000 after acquiring an additional 1,945,965 shares during the last quarter. BlackRock Inc. raised its holdings in HP by 2.5% in the 2nd quarter. BlackRock Inc. now owns 108,599,783 shares of the computer maker’s stock valued at $1,898,325,000 after acquiring an additional 2,608,983 shares during the last quarter. State Street Corp increased its holdings in shares of HP by 0.7% during the 1st quarter. State Street Corp now owns 79,522,135 shares of the computer maker’s stock worth $1,421,893,000 after buying an additional 515,648 shares during the last quarter. Primecap Management Co. CA increased its holdings in shares of HP by 3.5% during the 1st quarter. Primecap Management Co. CA now owns 63,851,245 shares of the computer maker’s stock worth $1,141,660,000 after buying an additional 2,163,147 shares during the last quarter. Finally, Boston Partners increased its holdings in shares of HP by 304.9% during the 2nd quarter. Boston Partners now owns 26,117,561 shares of the computer maker’s stock worth $456,535,000 after buying an additional 19,667,780 shares during the last quarter. Institutional investors own 79.17% of the company’s stock.
The stock has a market capitalization of $36.39 billion, a price-to-earnings ratio of 15.832 and a beta of 1.94. The company has a 50 day moving average price of $19.79 and a 200-day moving average price of $18.82.
HP (NYSE:HPQ) last released its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. HP had a net margin of 4.66% and a negative return on equity of 64.93%. The company had revenue of $13.06 billion during the quarter, compared to the consensus estimate of $12.31 billion. During the same quarter in the prior year, the firm earned $0.48 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. Analysts predict that HP Inc. will post $1.65 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 13th were given a $0.1327 dividend. The ex-dividend date of this dividend was Tuesday, September 12th. This represents a $0.53 dividend on an annualized basis and a yield of 2.44%. HP’s payout ratio is 38.41%.
HP Company Profile
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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