JPMorgan Chase & Co. Cuts HP (NYSE:HPQ) Price Target to $29.00

HP (NYSE:HPQ) had its price objective lowered by JPMorgan Chase & Co. from $40.00 to $29.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the computer maker’s stock.

Several other equities research analysts also recently issued reports on the stock. TD Cowen lowered their price objective on shares of HP from $39.00 to $38.00 and set a “hold” rating on the stock in a research note on Friday, February 28th. Citigroup reduced their target price on shares of HP from $36.50 to $25.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Loop Capital dropped their price target on HP from $35.00 to $30.00 and set a “hold” rating for the company in a report on Tuesday, March 4th. Wells Fargo & Company raised their price objective on shares of HP from $30.00 to $35.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Finally, Sanford C. Bernstein upped their price target on HP from $32.00 to $34.00 and gave the company a “market perform” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.00.

HP Trading Up 1.3 %

HPQ opened at $23.77 on Thursday. HP has a 1 year low of $21.21 and a 1 year high of $39.80. The stock has a fifty day moving average price of $28.56 and a 200 day moving average price of $32.72. The stock has a market cap of $22.41 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 2.96 and a beta of 1.09.

HP (NYSE:HPQ) last released its quarterly earnings data on Thursday, February 27th. The computer maker reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The business had revenue of $13.50 billion during the quarter, compared to analyst estimates of $13.35 billion. HP had a net margin of 5.18% and a negative return on equity of 253.39%. As a group, sell-side analysts forecast that HP will post 3.56 earnings per share for the current fiscal year.

HP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 12th were given a dividend of $0.2894 per share. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $1.16 annualized dividend and a dividend yield of 4.87%. HP’s dividend payout ratio is currently 41.37%.

Insider Activity

In related news, insider Anneliese Olson sold 21,545 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $28.49, for a total transaction of $613,817.05. Following the transaction, the insider now directly owns 169 shares in the company, valued at approximately $4,814.81. The trade was a 99.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephanie Liebman sold 15,646 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $29.00, for a total transaction of $453,734.00. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On HP

A number of large investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of HP by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 25,350,016 shares of the computer maker’s stock valued at $825,398,000 after acquiring an additional 579,525 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of HP by 4.2% in the fourth quarter. Pacer Advisors Inc. now owns 14,776,697 shares of the computer maker’s stock worth $482,164,000 after purchasing an additional 592,391 shares during the period. Northern Trust Corp lifted its position in HP by 15.8% during the fourth quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker’s stock worth $419,126,000 after purchasing an additional 1,755,942 shares during the period. Invesco Ltd. boosted its position in shares of HP by 7.3% during the 4th quarter. Invesco Ltd. now owns 9,511,218 shares of the computer maker’s stock worth $310,351,000 after acquiring an additional 643,192 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in HP by 8.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,289,164 shares of the computer maker’s stock valued at $303,105,000 after purchasing an additional 707,742 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Company Profile

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.