HP’s (HPQ) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada
HP Inc (NYSE:HPQ)‘s stock had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada in a research note issued to investors on Friday. They currently have a $20.00 target price on the computer maker’s stock, up from their prior target price of $18.00. Royal Bank of Canada’s price objective points to a potential upside of 6.50% from the company’s previous close.
A number of other equities analysts have also recently issued reports on the stock. Barclays PLC boosted their price objective on shares of HP from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Thursday, February 23rd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $16.00 price objective (up previously from $15.50) on shares of HP in a research report on Thursday, February 23rd. BMO Capital Markets boosted their price objective on shares of HP to $17.00 in a research report on Thursday, February 23rd. Wells Fargo & Co upgraded shares of HP from a “market perform” rating to an “outperform” rating in a research report on Monday, March 6th. Finally, Mizuho boosted their price objective on shares of HP from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, February 23rd. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $18.38.
HP (NYSE:HPQ) traded up 1.17% during midday trading on Friday, reaching $19.00. The company’s stock had a trading volume of 8,049,898 shares. The stock has a 50-day moving average price of $18.52 and a 200 day moving average price of $16.51. HP has a 12 month low of $11.48 and a 12 month high of $19.49. The company has a market cap of $32.17 billion, a PE ratio of 12.96 and a beta of 1.52.
HP (NYSE:HPQ) last posted its quarterly earnings results on Wednesday, February 22nd. The computer maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $12.68 billion during the quarter, compared to the consensus estimate of $11.82 billion. HP had a net margin of 5.17% and a negative return on equity of 63.67%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. Analysts expect that HP will post $1.62 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 14th will be paid a $0.1327 dividend. The ex-dividend date is Monday, June 12th. This represents a $0.53 annualized dividend and a dividend yield of 2.83%. HP’s dividend payout ratio is presently 37.32%.
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In other news, insider Tracy S. Keogh sold 113,582 shares of the company’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $17.43, for a total value of $1,979,734.26. Following the transaction, the insider now owns 96,926 shares in the company, valued at $1,689,420.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Catherine A. Lesjak sold 719,775 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $17.60, for a total transaction of $12,668,040.00. Following the completion of the transaction, the chief financial officer now owns 599,775 shares in the company, valued at approximately $10,556,040. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,093,741 shares of company stock worth $19,482,770. Insiders own 0.51% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of HPQ. Dodge & Cox purchased a new position in shares of HP during the fourth quarter valued at about $2,073,164,000. Vanguard Group Inc. increased its position in shares of HP by 1.8% in the first quarter. Vanguard Group Inc. now owns 121,687,604 shares of the computer maker’s stock valued at $2,175,775,000 after buying an additional 2,122,269 shares in the last quarter. State Street Corp increased its position in shares of HP by 0.7% in the first quarter. State Street Corp now owns 79,522,135 shares of the computer maker’s stock valued at $1,421,893,000 after buying an additional 515,648 shares in the last quarter. Primecap Management Co. CA increased its position in shares of HP by 3.5% in the first quarter. Primecap Management Co. CA now owns 63,851,245 shares of the computer maker’s stock valued at $1,141,660,000 after buying an additional 2,163,147 shares in the last quarter. Finally, American International Group Inc. increased its position in shares of HP by 1.6% in the first quarter. American International Group Inc. now owns 29,056,041 shares of the computer maker’s stock valued at $519,522,000 after buying an additional 457,514 shares in the last quarter. Hedge funds and other institutional investors own 78.94% 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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