HP (NYSE:HPQ) Price Target Cut to $29.00 by Analysts at Sanford C. Bernstein

HP (NYSE:HPQGet Rating) had its target price cut by Sanford C. Bernstein from $30.00 to $29.00 in a research report sent to investors on Monday morning, The Fly reports.

Several other brokerages have also recently weighed in on HPQ. Bank of America reduced their price target on HP from $30.00 to $27.00 and set an underperform rating for the company in a research report on Friday, November 18th. Morgan Stanley reduced their price target on HP from $28.00 to $24.00 and set an underweight rating for the company in a research report on Monday, October 17th. Barclays reduced their price target on HP from $27.00 to $24.00 and set an underweight rating for the company in a research report on Wednesday, November 23rd. Citigroup reduced their price target on HP from $33.00 to $31.00 and set a neutral rating for the company in a research report on Friday, November 18th. Finally, Credit Suisse Group cut HP from an outperform rating to a neutral rating and set a $33.00 price target for the company. in a research report on Friday, November 18th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, HP presently has an average rating of Hold and a consensus target price of $29.60.

HP Price Performance

Shares of HPQ opened at $28.64 on Monday. The firm has a market cap of $28.13 billion, a PE ratio of 9.51, a PEG ratio of 3.10 and a beta of 1.02. The stock’s fifty day moving average price is $28.30 and its two-hundred day moving average price is $29.31. HP has a 1 year low of $24.08 and a 1 year high of $41.47.

HP (NYSE:HPQGet Rating) last issued its earnings results on Tuesday, November 22nd. The computer maker reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.01. The firm had revenue of $14.80 billion for the quarter, compared to analyst estimates of $14.68 billion. HP had a negative return on equity of 181.32% and a net margin of 5.09%. The business’s revenue was down 11.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. Sell-side analysts anticipate that HP will post 3.35 earnings per share for the current fiscal year.

HP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 4th. Stockholders of record on Wednesday, December 14th were issued a $0.2625 dividend. This is a boost from HP’s previous quarterly dividend of $0.25. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Tuesday, December 13th. HP’s dividend payout ratio is presently 34.88%.

Insider Transactions at HP

In other news, insider Tuan Tran sold 108,918 shares of the company’s stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $29.99, for a total value of $3,266,450.82. Following the completion of the transaction, the insider now directly owns 61,465 shares in the company, valued at approximately $1,843,335.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Shumeet Banerji sold 17,300 shares of the business’s stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $29.53, for a total value of $510,869.00. Following the completion of the sale, the director now owns 46,708 shares of the company’s stock, valued at approximately $1,379,287.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Tuan Tran sold 108,918 shares of the business’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $29.99, for a total value of $3,266,450.82. Following the completion of the sale, the insider now directly owns 61,465 shares of the company’s stock, valued at approximately $1,843,335.35. The disclosure for this sale can be found here. In the last three months, insiders sold 248,322 shares of company stock worth $7,157,022. 0.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On HP

Hedge funds and other institutional investors have recently modified their holdings of the stock. GHP Investment Advisors Inc. bought a new stake in shares of HP in the 2nd quarter valued at about $26,000. Old North State Trust LLC bought a new position in HP during the 3rd quarter valued at approximately $26,000. Certified Advisory Corp bought a new position in HP during the 1st quarter valued at approximately $26,000. Householder Group Estate & Retirement Specialist LLC bought a new position in HP during the 3rd quarter valued at approximately $27,000. Finally, Exchange Traded Concepts LLC raised its position in HP by 665.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,072 shares of the computer maker’s stock valued at $27,000 after purchasing an additional 932 shares during the last quarter. Institutional investors own 79.68% of the company’s stock.

About HP

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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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