HP (NYSE:HPQ) Given New $40.00 Price Target at Citigroup

HP (NYSE:HPQGet Rating) had its target price raised by equities researchers at Citigroup from $38.00 to $40.00 in a research note issued to investors on Wednesday, The Fly reports. Citigroup’s target price indicates a potential upside of 2.99% from the company’s previous close.

A number of other equities research analysts have also recently commented on HPQ. Evercore ISI reaffirmed a “buy” rating and issued a $42.00 price target on shares of HP in a report on Friday, February 25th. StockNews.com raised shares of HP from a “hold” rating to a “buy” rating in a report on Wednesday, May 4th. JPMorgan Chase & Co. lowered their target price on shares of HP from $41.00 to $39.00 in a report on Wednesday, May 25th. UBS Group cut shares of HP from a “buy” rating to a “neutral” rating and set a $40.00 target price on the stock. in a report on Friday, April 8th. Finally, Barclays boosted their target price on shares of HP from $29.00 to $32.00 in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.64.

NYSE:HPQ opened at $38.84 on Wednesday. The stock has a market capitalization of $40.91 billion, a PE ratio of 6.94, a price-to-earnings-growth ratio of 2.28 and a beta of 0.92. The firm’s 50 day moving average is $37.43 and its 200 day moving average is $36.72. HP has a 12 month low of $26.11 and a 12 month high of $41.47.

HP (NYSE:HPQGet Rating) last posted its quarterly earnings results on Tuesday, May 31st. The computer maker reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The company had revenue of $16.49 billion for the quarter, compared to analysts’ expectations of $16.19 billion. HP had a net margin of 10.05% and a negative return on equity of 164.36%. HP’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. As a group, sell-side analysts anticipate that HP will post 4.25 EPS for the current year.

In other HP news, CEO Enrique Lores sold 34,000 shares of the company’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $36.27, for a total transaction of $1,233,180.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marie Myers sold 4,500 shares of the company’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $36.33, for a total transaction of $163,485.00. The disclosure for this sale can be found here. Insiders sold 63,638 shares of company stock valued at $2,316,393 over the last quarter. 0.22% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ironwood Wealth Management LLC. boosted its holdings in shares of HP by 117.9% during the second quarter. Ironwood Wealth Management LLC. now owns 2,674 shares of the computer maker’s stock worth $81,000 after purchasing an additional 1,447 shares during the period. Blueshift Asset Management LLC purchased a new stake in shares of HP during the third quarter worth about $228,000. Macquarie Group Ltd. boosted its holdings in shares of HP by 3.6% during the third quarter. Macquarie Group Ltd. now owns 933,128 shares of the computer maker’s stock worth $25,531,000 after purchasing an additional 32,347 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of HP by 0.4% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 231,956 shares of the computer maker’s stock worth $6,346,000 after purchasing an additional 954 shares during the period. Finally, FineMark National Bank & Trust purchased a new stake in shares of HP during the third quarter worth about $220,000. Institutional investors and hedge funds own 81.94% of the company’s stock.

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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