HP (NYSE:HPQ) Price Target Cut to $23.00 by Analysts at Barclays

HP (NYSE:HPQ) had its price target cut by Barclays from $24.00 to $23.00 in a research note published on Wednesday, FlyOnTheWall reports.

Several other research firms have also recently commented on HPQ. UBS Group boosted their target price on HP from $30.00 to $31.00 in a research report on Wednesday, May 31st. Bank of America upped their price objective on HP from $26.00 to $27.00 in a report on Wednesday, May 31st. Deutsche Bank Aktiengesellschaft cut their price objective on HP from $32.00 to $30.00 in a report on Wednesday. StockNews.com upgraded HP from a hold rating to a buy rating in a report on Wednesday, August 16th. Finally, JPMorgan Chase & Co. cut their price objective on HP from $40.00 to $39.00 in a report on Wednesday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $29.75.

HP Stock Performance

NYSE:HPQ opened at $29.29 on Wednesday. HP has a 52-week low of $24.08 and a 52-week high of $33.90. The firm has a market cap of $28.88 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 2.34 and a beta of 1.01. The business’s fifty day moving average is $31.76 and its 200 day moving average is $30.32.

HP (NYSE:HPQ) last released its quarterly earnings data on Tuesday, August 29th. The computer maker reported $0.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.86. HP had a negative return on equity of 121.57% and a net margin of 4.75%. The company had revenue of $13.20 billion for the quarter, compared to analyst estimates of $13.38 billion. During the same period in the previous year, the company posted $1.04 EPS. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. Equities analysts predict that HP will post 3.35 EPS for the current fiscal year.

HP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Tuesday, September 12th. HP’s dividend payout ratio is currently 39.77%.

Insider Transactions at HP

In other news, insider Alex Cho sold 22,490 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $30.50, for a total value of $685,945.00. Following the completion of the transaction, the insider now owns 22,003 shares of the company’s stock, valued at approximately $671,091.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Alex Cho sold 22,490 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $30.50, for a total value of $685,945.00. Following the completion of the transaction, the insider now owns 22,003 shares of the company’s stock, valued at approximately $671,091.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Enrique Lores sold 156,976 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $30.69, for a total value of $4,817,593.44. Following the completion of the sale, the chief executive officer now owns 766,268 shares in the company, valued at approximately $23,516,764.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 194,455 shares of company stock valued at $5,986,805. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of HP

Several hedge funds and other institutional investors have recently made changes to their positions in HPQ. Certified Advisory Corp purchased a new stake in shares of HP in the 1st quarter worth approximately $26,000. Exchange Traded Concepts LLC boosted its stake in HP by 83.2% during the 2nd quarter. Exchange Traded Concepts LLC now owns 914 shares of the computer maker’s stock valued at $28,000 after purchasing an additional 415 shares during the last quarter. GHP Investment Advisors Inc. purchased a new stake in HP during the 1st quarter valued at $29,000. Motco boosted its stake in HP by 84.4% during the 2nd quarter. Motco now owns 1,038 shares of the computer maker’s stock valued at $32,000 after purchasing an additional 475 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in HP during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 76.04% of the company’s stock.

About HP

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.