HP Inc. (NYSE:HPQ – Get Rating) announced a quarterly dividend on Tuesday, November 22nd, RTT News reports. Investors of record on Wednesday, December 14th will be paid a dividend of 0.2625 per share by the computer maker on Wednesday, January 4th. This represents a $1.05 annualized dividend and a dividend yield of 3.51%. This is an increase from HP’s previous quarterly dividend of $0.25.
HP has increased its dividend payment by an average of 12.9% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. HP has a dividend payout ratio of 27.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect HP to earn $3.90 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 25.6%.
HP Stock Up 1.8 %
NYSE HPQ opened at $29.91 on Thursday. The stock has a market cap of $30.09 billion, a PE ratio of 9.94, a P/E/G ratio of 3.02 and a beta of 0.99. The business has a 50 day moving average price of $27.02 and a two-hundred day moving average price of $31.33. HP has a fifty-two week low of $24.08 and a fifty-two week high of $41.47.
Insider Activity at HP
In other HP news, CEO Enrique Lores sold 34,000 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $25.23, for a total value of $857,820.00. Following the transaction, the chief executive officer now owns 517,204 shares of the company’s stock, valued at $13,049,056.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in HPQ. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of HP by 29.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,320,240 shares of the computer maker’s stock valued at $47,925,000 after acquiring an additional 301,500 shares during the period. Macquarie Group Ltd. boosted its stake in HP by 21.2% during the 2nd quarter. Macquarie Group Ltd. now owns 1,116,080 shares of the computer maker’s stock valued at $36,586,000 after purchasing an additional 194,852 shares during the period. Eaton Vance Management boosted its stake in HP by 83.2% during the 1st quarter. Eaton Vance Management now owns 929,787 shares of the computer maker’s stock valued at $33,751,000 after purchasing an additional 422,318 shares during the period. Cantor Fitzgerald Investment Advisor L.P increased its stake in shares of HP by 89.9% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 873,243 shares of the computer maker’s stock valued at $31,698,000 after purchasing an additional 413,491 shares during the period. Finally, Federated Hermes Inc. raised its holdings in shares of HP by 0.3% during the first quarter. Federated Hermes Inc. now owns 512,364 shares of the computer maker’s stock valued at $18,598,000 after buying an additional 1,311 shares during the last quarter. 81.17% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms recently commented on HPQ. Wells Fargo & Company cut their price target on HP from $30.00 to $25.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 31st. Loop Capital cut HP from a “buy” rating to a “hold” rating and reduced their target price for the company from $50.00 to $29.00 in a research note on Thursday, September 1st. Deutsche Bank Aktiengesellschaft dropped their price target on shares of HP from $36.00 to $32.00 and set a “hold” rating for the company in a research note on Wednesday, August 31st. Evercore ISI reduced their price objective on shares of HP to $33.00 in a research note on Tuesday, September 6th. Finally, Bank of America decreased their price objective on shares of HP from $30.00 to $27.00 and set an “underperform” rating for the company in a report on Friday, November 18th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $29.71.
HP Company Profile
HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.
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