Royal Bank of Canada Reiterates Sector Perform Rating for HP Inc (HPQ)
HP Inc (NYSE:HPQ)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued on Thursday. They currently have a $21.00 price target on the computer maker’s stock, up from their prior price target of $20.00. Royal Bank of Canada’s price target points to a potential upside of 14.32% from the stock’s previous close.
Several other equities analysts have also recently issued reports on HPQ. Citigroup Inc upgraded HP from a “neutral” rating to a “buy” rating and raised their price target for the company from $17.54 to $20.00 in a report on Wednesday, April 12th. Barclays PLC upgraded HP from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $17.00 to $22.00 in a report on Wednesday, April 19th. Morgan Stanley raised their price target on HP from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 18th. FBN Securities raised HP from a “sector perform” rating to a “buy” rating and raised their price target for the stock from $15.00 to $19.00 in a research report on Thursday, February 23rd. Finally, Zacks Investment Research raised HP from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Tuesday, April 25th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. HP presently has an average rating of “Buy” and a consensus price target of $18.81.
HP (NYSE:HPQ) traded down 3.37% during trading on Thursday, reaching $18.37. 21,296,476 shares of the company’s stock were exchanged. The company has a market capitalization of $31.11 billion, a price-to-earnings ratio of 12.53 and a beta of 1.52. HP has a 52-week low of $11.40 and a 52-week high of $19.58. The stock’s 50-day moving average price is $18.65 and its 200-day moving average price is $16.64. HP also was the recipient of unusually large options trading on Monday. Stock traders purchased 14,623 put options on the stock. This represents an increase of 936% compared to the typical volume of 1,412 put options.
HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, May 24th. The computer maker reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. HP had a negative return on equity of 63.67% and a net margin of 5.17%. The firm had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period in the prior year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts expect that HP will post $1.62 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Wednesday, June 14th will be paid a $0.1327 dividend. The ex-dividend date of this dividend is Monday, June 12th. This represents a $0.53 annualized dividend and a yield of 2.89%. HP’s dividend payout ratio (DPR) is presently 37.32%.
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In related news, CFO Catherine A. Lesjak sold 719,775 shares of the business’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $17.60, for a total value of $12,668,040.00. Following the completion of the sale, the chief financial officer now directly owns 599,775 shares in the company, valued at approximately $10,556,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tracy S. Keogh sold 113,582 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 96,926 shares of the company’s stock, valued at $1,689,420.18. The disclosure for this sale can be found here. Insiders sold a total of 1,093,741 shares of company stock valued at $19,482,770 over the last 90 days. 0.51% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC increased its stake in HP by 0.3% in the first quarter. CWM LLC now owns 6,419 shares of the computer maker’s stock valued at $115,000 after buying an additional 20 shares during the period. Parallel Advisors LLC boosted its position in shares of HP by 0.4% in the first quarter. Parallel Advisors LLC now owns 11,616 shares of the computer maker’s stock valued at $218,000 after buying an additional 41 shares in the last quarter. ELM Advisors LLC boosted its position in shares of HP by 0.5% in the first quarter. ELM Advisors LLC now owns 14,318 shares of the computer maker’s stock valued at $256,000 after buying an additional 65 shares in the last quarter. Savant Capital LLC boosted its position in shares of HP by 0.3% in the first quarter. Savant Capital LLC now owns 24,276 shares of the computer maker’s stock valued at $434,000 after buying an additional 80 shares in the last quarter. Finally, Destination Wealth Management boosted its position in shares of HP by 0.5% in the first quarter. Destination Wealth Management now owns 15,603 shares of the computer maker’s stock valued at $279,000 after buying an additional 83 shares in the last quarter. Institutional investors and hedge funds own 78.94% of the company’s stock.
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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