HP (NYSE:HPQ) Price Target Raised to $35.00

HP (NYSE:HPQGet Free Report) had its price target boosted by equities researchers at Barclays from $32.00 to $35.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the computer maker’s stock. Barclays‘s price objective points to a potential downside of 2.67% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a report on Friday, September 27th. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research report on Tuesday, October 1st. Morgan Stanley reduced their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. lowered their price target on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Loop Capital reduced their price objective on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $36.36.

View Our Latest Report on HPQ

HP Stock Performance

Shares of NYSE:HPQ opened at $35.96 on Wednesday. The stock has a market capitalization of $34.66 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 2.70 and a beta of 1.07. HP has a 1-year low of $27.42 and a 1-year high of $39.79. The company has a 50 day moving average price of $36.56 and a 200 day moving average price of $35.53.

HP (NYSE:HPQGet Free Report) last issued its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business had revenue of $14.06 billion for the quarter, compared to analysts’ expectations of $13.99 billion. During the same period in the previous year, the firm posted $0.90 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, sell-side analysts expect that HP will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at HP

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. The trade was a 100.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HP

Hedge funds have recently made changes to their positions in the business. State Street Corp grew its holdings in shares of HP by 8.2% during the third quarter. State Street Corp now owns 51,801,428 shares of the computer maker’s stock worth $1,871,046,000 after purchasing an additional 3,923,161 shares during the last quarter. Geode Capital Management LLC grew its holdings in HP by 11.1% during the 3rd quarter. Geode Capital Management LLC now owns 24,770,491 shares of the computer maker’s stock worth $885,877,000 after acquiring an additional 2,477,977 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in HP in the 2nd quarter valued at about $62,672,000. DME Capital Management LP raised its stake in shares of HP by 108.7% in the second quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after acquiring an additional 1,757,070 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of HP by 11.4% during the third quarter. Pacer Advisors Inc. now owns 14,184,306 shares of the computer maker’s stock worth $508,791,000 after purchasing an additional 1,455,138 shares in the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

About HP

(Get Free Report)

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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Analyst Recommendations for HP (NYSE:HPQ)

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