Zacks Investment Research upgraded shares of HP (NYSE:HPQ) from a hold rating to a buy rating in a research report released on Tuesday. They currently have $26.00 price target on the computer maker’s stock.
According to Zacks, “HP recently reported stellar results for first-quarter wherein its revenues increased for the sixth consecutive quarter, of which the last five have recorded double-digit growth after an extended period of decline. Also, the Personal Systems and Print segments’ performance improved for the fourth straight quarter after 2010. Notably, 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 focus on product innovations, pricing, marketing and sales activities, are paying off. The stock has outperformed the industry in a year’s time. Nonetheless, rising component prices will remain a drag on the company’s margins in the near-term.”
Other analysts have also issued research reports about the stock. Maxim Group restated a hold rating and set a $25.00 price target on shares of HP in a research note on Wednesday, November 22nd. Loop Capital restated a buy rating and set a $25.00 price target on shares of HP in a research note on Wednesday, November 22nd. Deutsche Bank boosted their price target on shares of HP from $25.00 to $27.00 and gave the company a buy rating in a research note on Friday, February 23rd. UBS Group restated a buy rating and set a $28.00 price target (up previously from $26.00) on shares of HP in a research note on Friday, February 23rd. Finally, Susquehanna Bancshares set a $22.00 price target on shares of HP and gave the company a hold rating in a research note on Friday, February 23rd. Twelve research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $23.94.
HP (NYSE:HPQ) last announced its quarterly earnings results on Thursday, February 22nd. The computer maker reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.06. The business had revenue of $14.52 billion during the quarter, compared to analyst estimates of $13.47 billion. HP had a net margin of 7.15% and a negative return on equity of 82.30%. HP’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. equities research analysts forecast that HP will post 1.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 14th will be issued a dividend of $0.1393 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Tuesday, March 13th. HP’s dividend payout ratio is 24.45%.
In related news, insider Enrique Lores sold 302,893 shares of the business’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $23.31, for a total value of $7,060,435.83. Following the transaction, the insider now directly owns 88,901 shares of the company’s stock, valued at approximately $2,072,282.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kim M. Rivera sold 14,635 shares of the business’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $21.08, for a total transaction of $308,505.80. Following the completion of the transaction, the insider now directly owns 79,553 shares in the company, valued at $1,676,977.24. The disclosure for this sale can be found here. Insiders have sold a total of 631,020 shares of company stock worth $14,134,644 over the last ninety days. Insiders own 0.62% of the company’s stock.
Large investors have recently modified their holdings of the stock. Advisors Preferred LLC boosted its holdings in shares of HP by 1,153.0% in the 4th quarter. Advisors Preferred LLC now owns 4,774 shares of the computer maker’s stock worth $100,000 after buying an additional 4,393 shares during the last quarter. BB&T Investment Services Inc. boosted its holdings in shares of HP by 94.0% in the 4th quarter. BB&T Investment Services Inc. now owns 5,038 shares of the computer maker’s stock worth $108,000 after buying an additional 2,441 shares during the last quarter. Sandy Spring Bank boosted its holdings in shares of HP by 439.8% in the 4th quarter. Sandy Spring Bank now owns 5,236 shares of the computer maker’s stock worth $110,000 after buying an additional 4,266 shares during the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new position in shares of HP in the 4th quarter worth about $111,000. Finally, Virtue Capital Management LLC purchased a new position in shares of HP in the 4th quarter worth about $117,000. 80.63% of the stock is currently owned by institutional investors.
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HP Company Profile
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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