HP (NYSE:HPQ) Announces Earnings Results

HP (NYSE:HPQGet Rating) posted its earnings results on Tuesday. The computer maker reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01, RTT News reports. HP had a negative return on equity of 196.62% and a net margin of 5.09%. The company had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $14.68 billion. During the same quarter in the prior year, the company earned $0.94 earnings per share. HP’s revenue was down 11.2% on a year-over-year basis.

HP Trading Up 1.8 %

NYSE:HPQ opened at $29.91 on Thursday. HP has a 12-month low of $24.08 and a 12-month high of $41.47. The stock has a 50-day moving average price of $27.02 and a 200 day moving average price of $31.33. The stock has a market capitalization of $30.09 billion, a P/E ratio of 9.94, a P/E/G ratio of 3.02 and a beta of 0.99.

HP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.51%. This is a boost from HP’s previous quarterly dividend of $0.25. HP’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HPQ. Wells Fargo & Company lowered their target price on HP from $30.00 to $25.00 and set an “underweight” rating on the stock in a report on Wednesday, August 31st. Evercore ISI reduced their price target on HP to $33.00 in a research report on Tuesday, September 6th. Bank of America reduced their price target on HP from $30.00 to $27.00 and set an “underperform” rating for the company in a research report on Friday, November 18th. Sanford C. Bernstein reduced their price target on HP from $40.00 to $30.00 in a research report on Tuesday, September 20th. Finally, Credit Suisse Group cut HP from an “outperform” rating to a “neutral” rating and set a $33.00 price target for the company. in a research report on Friday, November 18th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, HP presently has an average rating of “Hold” and a consensus price target of $29.71.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $25.23, for a total transaction of $857,820.00. Following the completion of the transaction, the chief executive officer now owns 517,204 shares in the company, valued at approximately $13,049,056.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HP

Several institutional investors have recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec grew its holdings in HP by 29.6% during the 1st 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 buying an additional 301,500 shares in the last quarter. Macquarie Group Ltd. grew its holdings 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 buying an additional 194,852 shares in the last quarter. Eaton Vance Management lifted its stake in shares of HP by 83.2% in 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 last quarter. Cantor Fitzgerald Investment Advisor L.P lifted its stake in shares of HP by 89.9% in the 1st 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 last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of HP by 0.3% in the 1st quarter. Federated Hermes Inc. now owns 512,364 shares of the computer maker’s stock valued at $18,598,000 after purchasing an additional 1,311 shares during the last quarter. Hedge funds and other institutional investors own 81.17% of the company’s stock.

About HP

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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.

Further Reading

Earnings History for HP (NYSE:HPQ)

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