HP Inc. (HPQ) Shares Gap Up on Analyst Upgrade

HP Inc. (NYSE:HPQ) shares gapped up prior to trading on Monday after Citigroup raised their price target on the stock from $20.00 to $23.00. The stock had previously closed at $22.47, but opened at $21.71. Citigroup currently has a buy rating on the stock. HP shares last traded at $21.78, with a volume of 4,938,775 shares.

Several other research analysts have also weighed in on HPQ. BidaskClub lowered HP from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Morgan Stanley reaffirmed an “overweight” rating and issued a $23.00 target price on shares of HP in a research report on Monday, June 26th. ValuEngine raised HP from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Mizuho raised HP from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $21.00 in a research report on Monday, July 10th. Finally, Zacks Investment Research raised HP from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Wednesday, July 12th. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $21.27.

In other news, insider Marie Myers sold 10,025 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $19.50, for a total value of $195,487.50. Following the completion of the transaction, the insider now directly owns 10,025 shares of the company’s stock, valued at approximately $195,487.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Enrique Lores sold 40,965 shares of the stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $21.50, for a total value of $880,747.50. The disclosure for this sale can be found here. Insiders sold a total of 2,168,171 shares of company stock valued at $42,637,791 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Xact Kapitalforvaltning AB raised its holdings in shares of HP by 2.4% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 256,080 shares of the computer maker’s stock worth $4,476,000 after buying an additional 6,074 shares in the last quarter. American Beacon Advisors Inc. acquired a new position in shares of HP in the 1st quarter worth approximately $112,000. Loomis Sayles & Co. L P raised its holdings in shares of HP by 1,201.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 17,893 shares of the computer maker’s stock worth $320,000 after buying an additional 16,518 shares in the last quarter. Summit Street Capital Management LLC raised its holdings in shares of HP by 37.4% in the 1st quarter. Summit Street Capital Management LLC now owns 205,511 shares of the computer maker’s stock worth $3,675,000 after buying an additional 55,911 shares in the last quarter. Finally, Becker Capital Management Inc. raised its holdings in shares of HP by 67.7% in the 1st quarter. Becker Capital Management Inc. now owns 2,748,186 shares of the computer maker’s stock worth $49,138,000 after buying an additional 1,109,284 shares in the last quarter. 79.17% of the stock is owned by institutional investors and hedge funds.

The company has a market capitalization of $36.39 billion, a price-to-earnings ratio of 14.92 and a beta of 1.94. The stock has a 50-day moving average price of $19.79 and a 200 day moving average price of $18.81.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.01. HP had a negative return on equity of 64.93% and a net margin of 4.66%. The firm had revenue of $13.06 billion during the quarter, compared to analysts’ expectations of $12.31 billion. During the same period in the prior year, the company earned $0.48 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. Equities analysts predict that HP Inc. will post $1.65 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 13th were paid a dividend of $0.1327 per share. This represents a $0.53 annualized dividend and a yield of 2.44%. The ex-dividend date was Tuesday, September 12th. HP’s payout ratio is presently 38.41%.

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About HP

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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