Mizuho Upgrades HP Inc. (NYSE:HPQ) to “Buy”
Mizuho upgraded shares of HP Inc. (NYSE:HPQ) from a neutral rating to a buy rating in a research note released on Monday, July 10th, MarketBeat.com reports. The brokerage currently has $21.00 price objective on the computer maker’s stock, up from their prior price objective of $20.00.
HPQ has been the subject of several other reports. UBS AG reiterated a buy rating and issued a $22.00 target price (up from $20.00) on shares of HP in a report on Thursday, May 25th. BidaskClub cut shares of HP from a buy rating to a hold rating in a report on Saturday, June 17th. Wells Fargo & Company reiterated an outperform rating and issued a $21.00 target price on shares of HP in a report on Thursday, March 23rd. Royal Bank Of Canada reissued a sector perform rating and issued a $20.00 price target (up from $18.00) on shares of HP in a research report on Friday, May 19th. Finally, Zacks Investment Research raised shares of HP from a hold rating to a buy rating and set a $21.00 price target for the company in a research report on Tuesday, April 25th. Nine research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. HP has an average rating of Buy and an average price target of $19.89.
HP (HPQ) opened at 19.32 on Monday. HP has a 12 month low of $13.55 and a 12 month high of $19.58. The firm has a market capitalization of $32.52 billion, a P/E ratio of 13.66 and a beta of 1.90. The stock’s 50 day moving average price is $18.17 and its 200-day moving average price is $17.62.
HP (NYSE:HPQ) last posted its quarterly earnings data on Wednesday, May 24th. The computer maker reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. HP had a net margin of 4.94% and a negative return on equity of 68.86%. The company had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter last year, the firm posted $0.41 EPS. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts forecast that HP will post $1.64 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be issued a $0.1327 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 2.75%. HP’s dividend payout ratio is 37.32%.
In other HP news, Director Margaret C. Whitman sold 443,920 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $19.32, for a total transaction of $8,576,534.40. Following the completion of the sale, the director now directly owns 692,849 shares of the company’s stock, valued at approximately $13,385,842.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marie Myers sold 12,119 shares of the business’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $18.07, for a total value of $218,990.33. Following the sale, the insider now directly owns 5,621 shares of the company’s stock, valued at $101,571.47. The disclosure for this sale can be found here. Insiders sold 1,748,815 shares of company stock valued at $32,623,560 over the last ninety days. 0.62% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Trexquant Investment LP bought a new stake in shares of HP during the first quarter worth approximately $833,000. ZWJ Investment Counsel Inc. bought a new stake in shares of HP during the first quarter worth approximately $443,000. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of HP by 106.5% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 1,462,303 shares of the computer maker’s stock worth $26,145,000 after buying an additional 754,019 shares during the period. Xact Kapitalforvaltning AB boosted its stake in shares of HP by 2.4% in the second quarter. Xact Kapitalforvaltning AB now owns 256,080 shares of the computer maker’s stock worth $4,476,000 after buying an additional 6,074 shares during the period. Finally, American Beacon Advisors Inc. bought a new stake in shares of HP during the first quarter worth approximately $112,000. 78.97% of the stock is owned by institutional investors.
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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