Bank of America Increases HP (NYSE:HPQ) Price Target to $35.00

HP (NYSE:HPQFree Report) had its price target raised by Bank of America from $32.00 to $35.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the computer maker’s stock.

Several other research analysts have also weighed in on the company. HSBC raised HP from a hold rating to a buy rating and upped their target price for the stock from $30.00 to $33.00 in a research report on Wednesday, February 14th. StockNews.com downgraded HP from a strong-buy rating to a buy rating in a report on Friday, March 1st. Finally, Barclays lifted their target price on shares of HP from $22.00 to $24.00 and gave the company an underweight rating in a research note on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $33.33.

Check Out Our Latest Stock Report on HPQ

HP Stock Performance

Shares of HPQ opened at $31.19 on Thursday. The company has a market capitalization of $30.59 billion, a PE ratio of 9.12, a PEG ratio of 2.61 and a beta of 1.06. The company’s 50 day moving average price is $29.32 and its 200 day moving average price is $29.19. HP has a 52 week low of $25.22 and a 52 week high of $33.90.

HP (NYSE:HPQGet Free Report) last issued its earnings results on Wednesday, February 28th. The computer maker reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81. HP had a net margin of 6.45% and a negative return on equity of 181.02%. The company had revenue of $13.19 billion during the quarter, compared to analyst estimates of $13.56 billion. During the same quarter last year, the business posted $0.75 EPS. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, equities analysts forecast that HP will post 3.42 earnings per share for the current fiscal year.

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 3rd. Investors of record on Wednesday, June 12th will be issued a dividend of $0.2756 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Wednesday, June 12th. HP’s dividend payout ratio is currently 32.16%.

Insider Buying and Selling

In other HP news, insider Kristen M. Ludgate sold 41,015 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $29.24, for a total transaction of $1,199,278.60. Following the completion of the sale, the insider now directly owns 56,169 shares in the company, valued at $1,642,381.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Robert R. Bennett sold 67,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $30.01, for a total transaction of $2,010,670.00. Following the completion of the transaction, the director now directly owns 60,216 shares in the company, valued at approximately $1,807,082.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kristen M. Ludgate sold 41,015 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $29.24, for a total transaction of $1,199,278.60. Following the completion of the sale, the insider now owns 56,169 shares in the company, valued at $1,642,381.56. The disclosure for this sale can be found here. Insiders have sold 116,723 shares of company stock worth $3,479,287 in the last quarter. 0.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On HP

Several hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System raised its holdings in HP by 3.9% in the 3rd quarter. California Public Employees Retirement System now owns 2,966,113 shares of the computer maker’s stock valued at $76,229,000 after acquiring an additional 112,427 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of HP by 23.6% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,204 shares of the computer maker’s stock valued at $545,000 after purchasing an additional 4,054 shares in the last quarter. Alaska Permanent Fund Corp lifted its position in HP by 1.4% in the fourth quarter. Alaska Permanent Fund Corp now owns 79,291 shares of the computer maker’s stock worth $2,386,000 after purchasing an additional 1,091 shares during the period. Wealthfront Advisers LLC boosted its stake in HP by 8.8% during the third quarter. Wealthfront Advisers LLC now owns 62,575 shares of the computer maker’s stock worth $1,608,000 after buying an additional 5,064 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in HP by 87.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 765,799 shares of the computer maker’s stock valued at $22,960,000 after buying an additional 358,231 shares during the period. Institutional investors own 77.53% of the company’s stock.

HP Company Profile

(Get Free Report)

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.

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