Citigroup Cuts HP (NYSE:HPQ) Price Target to $31.00

HP (NYSE:HPQGet Rating) had its price objective trimmed by Citigroup from $33.00 to $31.00 in a report published on Friday, The Fly reports. The firm currently has a neutral rating on the computer maker’s stock.

A number of other equities research analysts also recently issued reports on the stock. Credit Suisse Group downgraded shares of HP from an outperform rating to a neutral rating and set a $33.00 price objective on the stock. in a research note on Friday. StockNews.com started coverage on shares of HP in a research note on Wednesday, October 12th. They set a hold rating on the stock. Barclays reduced their price objective on shares of HP from $32.00 to $27.00 and set an underweight rating on the stock in a research note on Wednesday, August 31st. Wells Fargo & Company dropped their target price on shares of HP from $30.00 to $25.00 and set an underweight rating for the company in a report on Wednesday, August 31st. Finally, Cowen dropped their target price on shares of HP from $38.00 to $30.00 and set a market perform rating for the company in a report on Wednesday, August 31st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $29.93.

HP Stock Performance

HPQ stock opened at $29.48 on Friday. The company’s 50-day simple moving average is $26.95 and its 200 day simple moving average is $31.44. HP has a 52 week low of $24.08 and a 52 week high of $41.47. The company has a market capitalization of $29.66 billion, a PE ratio of 5.15, a price-to-earnings-growth ratio of 2.96 and a beta of 0.99.

HP (NYSE:HPQGet Rating) last released its quarterly earnings results on Tuesday, August 30th. The computer maker reported $1.04 EPS for the quarter, meeting the consensus estimate of $1.04. The business had revenue of $14.66 billion for the quarter, compared to the consensus estimate of $15.63 billion. HP had a net margin of 9.72% and a negative return on equity of 220.16%. HP’s revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.00 earnings per share. On average, analysts forecast that HP will post 4.08 EPS for the current year.

Insider Activity at HP

In related news, CEO Enrique Lores sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $25.23, for a total value of $857,820.00. Following the completion of the transaction, the chief executive officer now owns 517,204 shares in the company, valued at approximately $13,049,056.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HPQ. GHP Investment Advisors Inc. bought a new position in HP during the 2nd quarter worth approximately $26,000. Old North State Trust LLC acquired a new stake in shares of HP during the 3rd quarter worth approximately $26,000. Certified Advisory Corp acquired a new stake in shares of HP during the 1st quarter worth approximately $26,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of HP during the 3rd quarter worth approximately $27,000. Finally, Exchange Traded Concepts LLC grew its position in shares of HP by 665.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,072 shares of the computer maker’s stock worth $27,000 after buying an additional 932 shares during the period. Institutional investors own 81.17% of the company’s stock.

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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