Citigroup Downgrades HP (NYSE:HPQ) to Neutral

HP (NYSE:HPQGet Rating) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, The Fly reports.

Several other analysts have also issued reports on the stock. Barclays reduced their price objective on shares of HP from $30.00 to $29.00 and set an “underweight” rating on the stock in a report on Thursday, March 31st. Evercore ISI reiterated a “buy” rating and set a $42.00 price target on shares of HP in a research note on Friday, February 25th. Morgan Stanley lowered shares of HP from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $34.00 to $31.00 in a research note on Thursday, March 31st. StockNews.com upgraded shares of HP from a “hold” rating to a “buy” rating in a research note on Wednesday, May 4th. Finally, UBS Group lowered shares of HP from a “buy” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research note on Friday, April 8th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.07.

NYSE HPQ opened at $34.65 on Monday. HP has a 52 week low of $26.11 and a 52 week high of $41.47. The business’s fifty day simple moving average is $37.36 and its 200-day simple moving average is $36.50. The firm has a market cap of $36.50 billion, a PE ratio of 6.19, a P/E/G ratio of 2.09 and a beta of 0.92.

HP (NYSE:HPQGet Rating) last posted its quarterly earnings results on Monday, February 28th. The computer maker reported $1.10 EPS for the quarter, topping the consensus estimate of $1.04 by $0.06. HP had a negative return on equity of 164.36% and a net margin of 10.05%. The business had revenue of $17.03 billion for the quarter, compared to analyst estimates of $16.52 billion. During the same quarter in the previous year, the firm earned $0.92 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts expect that HP will post 4.27 earnings per share for the current fiscal year.

In related news, insider Alex Cho sold 53,874 shares of the firm’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $35.11, for a total transaction of $1,891,516.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Enrique Lores sold 34,000 shares of the firm’s stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $36.27, for a total value of $1,233,180.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,512 shares of company stock worth $4,207,909. Corporate insiders own 0.22% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HPQ. BlackRock Inc. lifted its position in HP by 0.6% in the first quarter. BlackRock Inc. now owns 101,201,027 shares of the computer maker’s stock valued at $3,673,596,000 after purchasing an additional 573,468 shares during the period. State Street Corp lifted its position in HP by 1.7% in the first quarter. State Street Corp now owns 57,873,437 shares of the computer maker’s stock valued at $2,115,148,000 after purchasing an additional 980,653 shares during the period. Geode Capital Management LLC lifted its position in HP by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 22,903,476 shares of the computer maker’s stock valued at $861,205,000 after purchasing an additional 177,208 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in HP by 6.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 18,708,669 shares of the computer maker’s stock valued at $511,869,000 after purchasing an additional 1,075,822 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in HP by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 13,405,197 shares of the computer maker’s stock valued at $486,668,000 after purchasing an additional 59,904 shares during the period. 81.94% of the stock is currently owned by hedge funds and other institutional investors.

HP Company Profile (Get Rating)

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.

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