HP (NYSE:HPQ) Updates Q1 Earnings Guidance

HP (NYSE:HPQGet Rating) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.70-0.80 for the period, compared to the consensus earnings per share estimate of $0.86. HP also updated its FY 2023 guidance to $3.20-$3.60 EPS.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HPQ. StockNews.com started coverage on shares of HP in a research note on Wednesday, October 12th. They issued a hold rating on the stock. Credit Suisse Group downgraded HP from an outperform rating to a neutral rating and set a $33.00 target price on the stock. in a research report on Friday, November 18th. Wells Fargo & Company reduced their price target on HP from $30.00 to $25.00 and set an underweight rating for the company in a research report on Wednesday, August 31st. UBS Group lowered their price target on HP from $40.00 to $32.00 and set a neutral rating on the stock in a research report on Wednesday, August 31st. Finally, Cowen cut their price objective on HP from $38.00 to $30.00 and set a market perform rating for the company in a report on Wednesday, August 31st. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $29.71.

HP Trading Up 1.8 %

Shares of NYSE:HPQ traded up $0.53 on Thursday, hitting $29.91. The company had a trading volume of 17,741,296 shares, compared to its average volume of 8,791,666. The stock has a market cap of $30.09 billion, a price-to-earnings ratio of 9.94, a P/E/G ratio of 3.02 and a beta of 0.99. The stock has a 50 day moving average price of $27.02 and a 200 day moving average price of $31.33. HP has a 1-year low of $24.08 and a 1-year high of $41.47.

HP (NYSE:HPQGet Rating) last announced its quarterly earnings results on Tuesday, November 22nd. The computer maker reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. The business had revenue of $14.80 billion for the quarter, compared to analyst estimates of $14.68 billion. HP had a net margin of 5.09% and a negative return on equity of 196.62%. HP’s quarterly revenue was down 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 EPS. Sell-side analysts anticipate that HP will post 3.56 earnings per share for the current fiscal year.

HP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be paid a $0.2625 dividend. This is an increase from HP’s previous quarterly dividend of $0.25. This represents a $1.05 annualized dividend and a yield of 3.51%. HP’s payout ratio is 33.22%.

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 34,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 517,204 shares of the company’s stock, valued at $13,049,056.92. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.22% of the company’s stock.

Institutional Trading of HP

Institutional investors have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. raised its position in shares of HP by 6.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 15,057 shares of the computer maker’s stock valued at $376,000 after buying an additional 879 shares in the last quarter. M&T Bank Corp lifted its position in shares of HP by 2.3% during the 3rd quarter. M&T Bank Corp now owns 179,870 shares of the computer maker’s stock valued at $4,484,000 after acquiring an additional 3,970 shares during the period. CIBC Private Wealth Group LLC grew its holdings in shares of HP by 4.4% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 47,978 shares of the computer maker’s stock worth $1,195,000 after purchasing an additional 2,010 shares in the last quarter. Prelude Capital Management LLC bought a new position in shares of HP in the third quarter worth $237,000. Finally, First Republic Investment Management Inc. raised its stake in HP by 58.7% in the second quarter. First Republic Investment Management Inc. now owns 235,899 shares of the computer maker’s stock valued at $7,733,000 after purchasing an additional 87,221 shares in the last quarter. Institutional investors own 81.17% of the company’s stock.

HP Company Profile

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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.

Further Reading

Earnings History and Estimates for HP (NYSE:HPQ)

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