HP Inc (HPQ) Price Target Increased to $22.00 by Analysts at Bank of America Corp
HP Inc (NYSE:HPQ) had its price objective upped by research analysts at Bank of America Corp from $20.00 to $22.00 in a research note issued to investors on Thursday. The firm currently has a “buy” rating on the computer maker’s stock. Bank of America Corp’s price target would suggest a potential upside of 19.11% from the stock’s current price.
HPQ has been the subject of several other research reports. Mizuho raised 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. Jefferies Group LLC raised their target price on shares of HP from $16.00 to $16.50 and gave the stock a “hold” rating in a report on Thursday, February 23rd. Wells Fargo & Co restated an “outperform” rating and set a $21.00 price target on shares of HP in a report on Thursday, March 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $20.00 price target (up from $18.00) on shares of HP in a report on Friday, May 19th. Finally, Zacks Investment Research upgraded shares of HP from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Tuesday, April 25th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $19.04.
Shares of HP (NYSE:HPQ) traded up 0.54% during midday trading on Thursday, reaching $18.47. 14,525,992 shares of the company traded hands. The firm has a market capitalization of $31.28 billion, a P/E ratio of 12.60 and a beta of 1.52. The company has a 50 day moving average of $18.65 and a 200 day moving average of $16.65. HP has a 12 month low of $11.40 and a 12 month high of $19.58. HP also was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 711 call options on the stock. This is an increase of approximately 199% compared to the typical daily volume of 238 call options.
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 5.17% and a negative return on equity of 63.67%. 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. On average, equities research analysts predict that HP will post $1.64 earnings per share for the current fiscal year.
The business also recently disclosed 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 2.87%. HP’s payout ratio is 37.32%.
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In other news, insider Ron Coughlin sold 10,000 shares of the firm’s stock in a transaction on Wednesday, April 12th. The shares were sold at an average price of $18.14, for a total value of $181,400.00. Following the sale, the insider now owns 61,745 shares in the company, valued at $1,120,054.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Catherine A. Lesjak sold 120,000 shares of the firm’s stock in a transaction on Wednesday, April 12th. The stock was sold at an average price of $18.14, for a total transaction of $2,176,800.00. Following the completion of the sale, the chief financial officer now owns 120,000 shares in the company, valued at approximately $2,176,800. The disclosure for this sale can be found here. In the last 90 days, insiders sold 980,159 shares of company stock worth $17,503,036. 0.51% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in HPQ. Dodge & Cox bought a new stake in shares of HP during the fourth quarter valued at about $2,073,164,000. Norges Bank bought a new stake in shares of HP during the fourth quarter valued at about $225,623,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of HP during the fourth quarter valued at about $145,193,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of HP during the fourth quarter valued at about $143,429,000. Finally, Renaissance Technologies LLC bought a new stake in shares of HP during the first quarter valued at about $62,824,000. Institutional investors and hedge funds 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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