Bank of America Corporation Raises HP Inc. (HPQ) Price Target to $23.00
HP Inc. (NYSE:HPQ) had its price target raised by stock analysts at Bank of America Corporation from $22.00 to $23.00 in a research note issued to investors on Friday. The firm presently has a “buy” rating on the computer maker’s stock. Bank of America Corporation’s price objective would indicate a potential upside of 12.75% from the stock’s previous close.
Several other brokerages have also recently weighed in on HPQ. Stifel Nicolaus reaffirmed a “hold” rating and set a $14.00 target price on shares of HP in a research note on Wednesday, August 16th. Loop Capital raised their target price on HP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday. Jefferies Group LLC raised their target price on HP from $18.00 to $18.75 and gave the company a “hold” rating in a research note on Tuesday, July 18th. BMO Capital Markets reaffirmed a “hold” rating and set a $20.00 target price on shares of HP in a research note on Thursday, August 24th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of HP in a research note on Monday, October 2nd. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. HP has a consensus rating of “Buy” and a consensus target price of $21.27.
Shares of HP (NYSE:HPQ) traded up 6.62% during midday trading on Friday, hitting $21.75. 12,365,398 shares of the company’s stock traded hands. The stock has a market cap of $36.33 billion, a P/E ratio of 15.81 and a beta of 1.94. HP has a 52 week low of $13.77 and a 52 week high of $21.91. The company has a 50 day moving average of $19.71 and a 200 day moving average of $18.76.
HP (NYSE:HPQ) last announced its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. HP had a negative return on equity of 64.93% and a net margin of 4.66%. The business had revenue of $13.06 billion during the quarter, compared to analysts’ expectations of $12.31 billion. During the same quarter last year, the business posted $0.48 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts forecast that HP will post $1.65 EPS for the current fiscal year.
In other news, CEO Dion J. Weisler sold 95,521 shares of the business’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $19.97, for a total transaction of $1,907,554.37. Following the completion of the sale, the chief executive officer now owns 435,018 shares in the company, valued at $8,687,309.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Margaret C. Whitman sold 295,936 shares of the business’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $19.00, for a total value of $5,622,784.00. Following the sale, the director now owns 766,825 shares of the company’s stock, valued at approximately $14,569,675. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,127,206 shares of company stock valued at $41,757,043. Corporate insiders own 0.62% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in HPQ. Waldron LP bought a new stake in shares of HP during the first quarter worth $288,000. Neuberger Berman Group LLC raised its position in shares of HP by 31.2% during the first quarter. Neuberger Berman Group LLC now owns 272,826 shares of the computer maker’s stock worth $4,878,000 after acquiring an additional 64,805 shares during the last quarter. Spark Investment Management LLC raised its position in shares of HP by 230.7% during the first quarter. Spark Investment Management LLC now owns 319,500 shares of the computer maker’s stock worth $5,712,000 after acquiring an additional 222,900 shares during the last quarter. Boston Private Wealth LLC raised its position in shares of HP by 7.0% during the first quarter. Boston Private Wealth LLC now owns 71,063 shares of the computer maker’s stock worth $1,271,000 after acquiring an additional 4,662 shares during the last quarter. Finally, BB&T Securities LLC raised its position in shares of HP by 52.2% during the first quarter. BB&T Securities LLC now owns 66,225 shares of the computer maker’s stock worth $1,184,000 after acquiring an additional 22,721 shares during the last quarter. Institutional investors own 79.18% 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.
Receive News & Ratings for HP Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HP Inc. and related companies with MarketBeat.com's FREE daily email newsletter.