Zacks Investment Research cut shares of HP (NYSE:HPQ) from a buy rating to a hold rating in a research report report published on Wednesday.
According to Zacks, “HP reported stellar fourth-quarter fiscal 2017 results driven mainly by strength in Personal System and Printing segments. We are impressed by the performance of HP’s PC segment, wherein the year-over-year increase was witnessed due to growth in Commercial and Consumer revenues. HP’s efforts to turn around the business have been commendable. The company 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.”
A number of other analysts have also weighed in on the stock. Royal Bank Of Canada reissued a buy rating and issued a $22.00 price target on shares of HP in a report on Thursday, August 24th. Loop Capital assumed coverage on shares of HP in a report on Tuesday, August 22nd. They issued a buy rating and a $23.00 price target for the company. Mizuho reissued a buy rating and issued a $21.00 price target on shares of HP in a report on Thursday, August 24th. Deutsche Bank reissued a buy rating on shares of HP in a report on Thursday, August 24th. Finally, Bank of America raised their price target on shares of HP from $22.00 to $23.00 and gave the company a buy rating in a report on Friday, October 13th. Twelve research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $21.31.
HP (NYSE:HPQ) last posted its earnings results on Tuesday, November 21st. The computer maker reported $0.44 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.44. HP had a net margin of 4.85% and a negative return on equity of 70.25%. The company had revenue of $13.93 billion during the quarter, compared to analysts’ expectations of $13.36 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. HP’s quarterly revenue was up 11.3% compared to the same quarter last year. analysts anticipate that HP will post 1.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be given a dividend of $0.1393 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from HP’s previous quarterly dividend of $0.13. The ex-dividend date is Tuesday, December 12th. HP’s dividend payout ratio (DPR) is currently 35.57%.
In other news, insider Marie Myers sold 10,025 shares of HP stock in a transaction on Friday, September 15th. The shares were sold at an average price of $19.50, for a total transaction of $195,487.50. Following the transaction, the insider now directly owns 10,025 shares of the company’s stock, valued at $195,487.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Dion J. Weisler sold 731,502 shares of HP stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $19.97, for a total transaction of $14,608,094.94. Following the transaction, the insider now directly owns 435,018 shares in the company, valued at $8,687,309.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,139,153 shares of company stock worth $44,020,119. Insiders own 0.62% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in HPQ. Bronfman E.L. Rothschild L.P. lifted its position in HP by 19.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 6,167 shares of the computer maker’s stock valued at $108,000 after acquiring an additional 1,013 shares in the last quarter. YorkBridge Wealth Partners LLC lifted its position in HP by 3.2% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 6,457 shares of the computer maker’s stock valued at $113,000 after acquiring an additional 200 shares in the last quarter. Evercore Wealth Management LLC lifted its position in HP by 14.0% in the 2nd quarter. Evercore Wealth Management LLC now owns 6,793 shares of the computer maker’s stock valued at $119,000 after acquiring an additional 836 shares in the last quarter. D.A. Davidson & CO. lifted its position in HP by 1.1% in the 2nd quarter. D.A. Davidson & CO. now owns 7,580 shares of the computer maker’s stock valued at $132,000 after acquiring an additional 85 shares in the last quarter. Finally, Advisory Services Network LLC lifted its position in HP by 9.8% in the 2nd quarter. Advisory Services Network LLC now owns 9,217 shares of the computer maker’s stock valued at $161,000 after acquiring an additional 824 shares in the last quarter. 79.98% 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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