HP Inc. (HPQ) Reaches New 1-Year High After Analyst Upgrade
HP Inc. (NYSE:HPQ) shares reached a new 52-week high during 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 trading hands. The stock had previously closed at $15.58.
Other research analysts have also recently issued research reports about the company. Deutsche Bank AG reissued a “buy” rating on shares of HP in a research note on Sunday, July 10th. RBC Capital Markets reissued a “sector perform” rating and issued a $16.00 price objective (up previously from $14.00) on shares of HP in a research note on Monday. Royal Bank Of Canada increased their price objective on HP from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Monday. Sanford C. Bernstein reissued an “outperform” rating and issued a $15.00 price objective on shares of HP in a research note on Thursday, June 23rd. Finally, BMO Capital Markets upped their target price on HP from $12.00 to $13.00 and gave the stock a “market perform” rating in a report on Thursday, August 25th. Eighteen investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. HP currently has an average rating of “Hold” and an average price target of $15.15.
In related news, insider Marie Myers sold 10,269 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $14.55, for a total value of $149,413.95. Following the transaction, the insider now directly 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 at this link. Also, insider Tracy S. Keogh sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $14.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the insider now directly owns 213,582 shares in the company, valued at $2,990,148. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Emerald Acquisition Ltd. acquired a new position in HP during the second quarter worth $26,430,000. Thompson Investment Management Inc. raised its position in HP by 0.3% in the second quarter. Thompson Investment Management Inc. now owns 40,620 shares of the computer maker’s stock worth $510,000 after buying an additional 120 shares during the period. Morgan Dempsey Capital Management LLC raised its position in HP by 28.6% in the second quarter. Morgan Dempsey Capital Management LLC now owns 172,652 shares of the computer maker’s stock worth $2,167,000 after buying an additional 38,395 shares during the period. Cullen Frost Bankers Inc. raised its position in HP by 25.1% in the second quarter. Cullen Frost Bankers Inc. now owns 13,710 shares of the computer maker’s stock worth $172,000 after buying an additional 2,755 shares during the period. Finally, NewSquare Capital LLC raised its position in HP by 18.7% in the second quarter. NewSquare Capital LLC now owns 61,845 shares of the computer maker’s stock worth $776,000 after buying an additional 9,743 shares during the period. 78.54% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a 50-day moving average price of $14.79 and a 200-day moving average price of $13.38. The firm has a market cap of $26.86 billion, a price-to-earnings ratio of 8.36 and a beta of 1.55.
HP (NYSE:HPQ) last issued its earnings results on Wednesday, August 24th. The computer maker reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.04. HP had a net margin of 5.41% and a return on equity of 106.26%. The business had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.44 billion. During the same quarter last year, the firm posted $0.88 EPS. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, equities research analysts predict that HP Inc. will post $1.61 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 5th. Stockholders of record on Wednesday, September 14th were paid a $0.124 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Monday, September 12th. HP’s dividend payout ratio is presently 26.74%.
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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