HP Inc. (NYSE:HPQ – Get Rating) declared a quarterly dividend on Tuesday, June 21st, RTT News reports. Stockholders of record on Wednesday, September 14th will be given a dividend of 0.25 per share by the computer maker on Wednesday, October 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.92%.
HP has increased its dividend payment by an average of 12.9% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. HP has a dividend payout ratio of 22.6% meaning its dividend is sufficiently covered by earnings. Analysts expect HP to earn $4.42 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 22.6%.
Shares of HP stock traded up $0.74 during midday trading on Tuesday, reaching $34.29. 11,275,664 shares of the company’s stock traded hands, compared to its average volume of 13,417,896. HP has a 12 month low of $26.11 and a 12 month high of $41.47. The company has a market cap of $35.46 billion, a PE ratio of 6.17, a price-to-earnings-growth ratio of 1.95 and a beta of 0.92. The stock has a 50 day moving average of $37.04 and a 200-day moving average of $36.99.
In related news, CFO Marie Myers sold 20,638 shares of the firm’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $36.58, for a total transaction of $754,938.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Enrique Lores sold 34,000 shares of HP stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $36.27, for a total transaction of $1,233,180.00. The disclosure for this sale can be found here. Insiders sold a total of 69,857 shares of company stock worth $2,574,733 in the last 90 days. Corporate insiders own 0.22% of the company’s stock.
A number of institutional investors have recently bought and sold shares of HPQ. Eaton Vance Management lifted its stake in shares of HP by 83.2% in the 1st quarter. Eaton Vance Management now owns 929,787 shares of the computer maker’s stock valued at $33,751,000 after purchasing an additional 422,318 shares during the period. Cantor Fitzgerald Investment Advisor L.P raised its stake in shares of HP by 89.9% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 873,243 shares of the computer maker’s stock worth $31,698,000 after purchasing an additional 413,491 shares during the last quarter. Bridgewater Associates LP increased its position in HP by 460.2% during the first quarter. Bridgewater Associates LP now owns 472,168 shares of the computer maker’s stock valued at $17,140,000 after acquiring an additional 387,889 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in HP by 29.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,320,240 shares of the computer maker’s stock valued at $47,925,000 after acquiring an additional 301,500 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in HP by 5.1% during the fourth quarter. Parametric Portfolio Associates LLC now owns 5,837,329 shares of the computer maker’s stock valued at $219,892,000 after purchasing an additional 283,186 shares during the period. 81.94% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on HPQ shares. StockNews.com lowered shares of HP from a “buy” rating to a “hold” rating in a report on Friday, June 3rd. Citigroup raised their price target on HP from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, June 1st. UBS Group lowered 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. Barclays raised their price target on HP from $29.00 to $32.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 1st. Finally, Evercore ISI reiterated a “buy” rating and set a $42.00 target price on shares of HP in a report on Friday, February 25th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $36.92.
About HP (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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