HP Inc. (HPQ) Upgraded to Buy at Zacks Investment Research
HP Inc. (NYSE:HPQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $23.00 price objective on the computer maker’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.81% from the company’s previous close.
According to Zacks, “Shares of technology giant, HP has outperformed the industry on a year-to-basis. The company’s efforts to turn around the business have been commendable. HP is working on product innovation, differentiation and enhancing the capabilities of its printing business to stabilize the top line. Furthermore, looking at the recently released data on PC shipment by IDC depicts that HP’s restructuring initiatives which includes divestment of non-core assets and cutting jobs to lower costs along with focus on product innovations, pricing, marketing and sales activities, are paying off. Nonetheless, pricing pressure due to intense competition remains a major concern. Moreover, a tepid IT spending environment adds to its woes.”
Other analysts have also recently issued research reports about the stock. Royal Bank Of Canada upgraded shares of HP from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $21.00 to $22.00 in a research note on Thursday, July 20th. Stifel Nicolaus restated a “hold” rating and set a $14.00 target price on shares of HP in a research note on Thursday, August 24th. BMO Capital Markets restated a “hold” rating and set a $20.00 target price on shares of HP in a research note on Thursday, August 24th. Mizuho restated a “buy” rating and set a $21.00 target price on shares of HP in a research note on Thursday, August 24th. Finally, Guggenheim restated a “neutral” rating on shares of HP in a research note on Monday, October 2nd. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $20.92.
HP (NYSE:HPQ) remained flat at $20.57 on Tuesday. The stock had a trading volume of 6,661,246 shares. The stock has a market cap of $34.36 billion, a PE ratio of 14.95 and a beta of 1.94. The company’s 50 day moving average is $19.57 and its 200 day moving average is $18.71. HP has a 52 week low of $13.77 and a 52 week high of $20.73.
HP (NYSE:HPQ) last announced its quarterly earnings results on Wednesday, August 23rd. The computer maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The firm had revenue of $13.06 billion during the quarter, compared to analysts’ expectations of $12.31 billion. HP had a net margin of 4.66% and a negative return on equity of 64.93%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 earnings per share. Equities research analysts predict that HP will post $1.65 EPS for the current year.
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In related news, insider Dion J. Weisler sold 731,502 shares of HP stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $19.97, for a total transaction of $14,608,094.94. Following the sale, the insider now directly owns 435,018 shares of the company’s stock, valued at approximately $8,687,309.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dion J. Weisler sold 95,521 shares of HP stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $19.97, for a total transaction of $1,907,554.37. Following the sale, the chief executive officer now directly owns 435,018 shares in the company, valued at $8,687,309.46. The disclosure for this sale can be found here. Insiders have sold a total of 2,382,193 shares of company stock worth $46,250,316 over the last ninety days. 0.62% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. grew its holdings in HP by 19.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 6,167 shares of the computer maker’s stock worth $108,000 after acquiring an additional 1,013 shares during the last quarter. American Beacon Advisors Inc. bought a new stake in HP during the 1st quarter worth approximately $112,000. YorkBridge Wealth Partners LLC grew its holdings in HP by 3.2% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 6,457 shares of the computer maker’s stock worth $113,000 after acquiring an additional 200 shares during the last quarter. First Command Bank grew its holdings in HP by 80.0% during the 2nd quarter. First Command Bank now owns 6,714 shares of the computer maker’s stock worth $118,000 after acquiring an additional 2,984 shares during the last quarter. Finally, Evercore Wealth Management LLC grew its holdings in HP by 14.0% during the 2nd quarter. Evercore Wealth Management LLC now owns 6,793 shares of the computer maker’s stock worth $119,000 after acquiring an additional 836 shares during the last quarter. 79.18% of the stock is currently 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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