HP (NYSE:HPQ) Price Target Raised to $37.00

HP (NYSE:HPQFree Report) had its target price raised by Bank of America from $35.00 to $37.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the computer maker’s stock.

A number of other equities analysts have also recently commented on the stock. TD Cowen lifted their target price on shares of HP from $30.00 to $32.00 and gave the stock a hold rating in a research report on Thursday. Morgan Stanley boosted their target price on HP from $36.00 to $37.00 and gave the company an overweight rating in a research note on Thursday. StockNews.com lowered HP from a strong-buy rating to a buy rating in a research report on Friday, March 1st. HSBC upgraded HP from a hold rating to a buy rating and boosted their price objective for the company from $30.00 to $33.00 in a research report on Wednesday, February 14th. Finally, Barclays upgraded shares of HP from an underweight rating to an equal weight rating and raised their target price for the stock from $24.00 to $30.00 in a report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $34.64.

View Our Latest Analysis on HPQ

HP Stock Performance

Shares of NYSE:HPQ opened at $36.50 on Thursday. The firm has a fifty day moving average of $30.00 and a 200 day moving average of $29.61. HP has a 52-week low of $25.22 and a 52-week high of $39.52. The firm has a market capitalization of $35.72 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 2.71 and a beta of 1.06.

HP (NYSE:HPQGet Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The computer maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $12.80 billion for the quarter, compared to analyst estimates of $12.61 billion. HP had a negative return on equity of 230.39% and a net margin of 5.60%. The company’s revenue was down .8% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 EPS. On average, sell-side analysts forecast that HP will post 3.44 EPS for the current fiscal year.

HP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 3rd. Investors of record on Wednesday, June 12th will be paid a $0.2756 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Wednesday, June 12th. HP’s payout ratio is currently 37.16%.

Insider Buying and Selling at HP

In other news, Director Robert R. Bennett sold 67,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $30.01, for a total value of $2,010,670.00. Following the completion of the transaction, the director now owns 60,216 shares of the company’s stock, valued at approximately $1,807,082.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Stephanie Liebman sold 8,708 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $30.93, for a total value of $269,338.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert R. Bennett sold 67,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $30.01, for a total value of $2,010,670.00. Following the completion of the sale, the director now owns 60,216 shares in the company, valued at approximately $1,807,082.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 116,723 shares of company stock valued at $3,479,287. 0.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On HP

Several institutional investors and hedge funds have recently modified their holdings of HPQ. Cetera Advisors LLC boosted its stake in HP by 43.9% in the 1st quarter. Cetera Advisors LLC now owns 38,796 shares of the computer maker’s stock worth $1,172,000 after purchasing an additional 11,830 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of HP by 154.7% in the first quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock worth $3,309,000 after buying an additional 66,510 shares in the last quarter. Swedbank AB purchased a new stake in shares of HP during the first quarter valued at approximately $21,286,000. Wahed Invest LLC grew its holdings in shares of HP by 14.5% during the first quarter. Wahed Invest LLC now owns 16,890 shares of the computer maker’s stock valued at $510,000 after buying an additional 2,140 shares during the last quarter. Finally, Plato Investment Management Ltd increased its position in shares of HP by 2,356.2% during the first quarter. Plato Investment Management Ltd now owns 69,045 shares of the computer maker’s stock valued at $2,087,000 after acquiring an additional 66,234 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors.

About HP

(Get Free Report)

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

Analyst Recommendations for HP (NYSE:HPQ)

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