Loop Capital Trims HP (NYSE:HPQ) Target Price to $35.00

HP (NYSE:HPQ) had its price objective reduced by Loop Capital from $37.00 to $35.00 in a research note published on Thursday morning, Benzinga reports. They currently have a hold rating on the computer maker’s stock.

Several other research firms have also commented on HPQ. Bank of America boosted their price target on HP from $35.00 to $37.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Citigroup boosted their price target on HP from $35.00 to $37.00 and gave the stock a buy rating in a research report on Thursday, May 30th. UBS Group lifted their price objective on HP from $34.00 to $37.00 and gave the stock a neutral rating in a report on Thursday, August 29th. TD Cowen lifted their price objective on HP from $30.00 to $32.00 and gave the stock a hold rating in a report on Thursday, May 30th. Finally, Morgan Stanley dropped their price objective on HP from $37.00 to $36.00 and set an equal weight rating on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, HP currently has a consensus rating of Hold and a consensus price target of $35.55.

HP Price Performance

NYSE HPQ opened at $33.82 on Thursday. The firm has a market capitalization of $33.09 billion, a P/E ratio of 11.43, a P/E/G ratio of 2.32 and a beta of 1.07. HP has a 1-year low of $25.22 and a 1-year high of $39.52. The business’s 50-day simple moving average is $35.43 and its 200-day simple moving average is $32.68.

HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $0.86 earnings per share. On average, equities research analysts expect that HP will post 3.4 EPS for the current fiscal year.

HP announced that its Board of Directors has authorized a share buyback plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

HP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th will be issued a $0.2756 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.26%. HP’s dividend payout ratio (DPR) is 37.16%.

Insider Activity

In other news, insider Alex Cho sold 173,137 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $36.11, for a total value of $6,251,977.07. Following the completion of the sale, the insider now directly owns 64,676 shares in the company, valued at approximately $2,335,450.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WMG Financial Advisors LLC boosted its position in HP by 4.2% during the 2nd quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock valued at $274,000 after purchasing an additional 315 shares during the period. J.W. Cole Advisors Inc. boosted its position in HP by 2.9% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 12,296 shares of the computer maker’s stock valued at $431,000 after purchasing an additional 345 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in HP by 11.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock valued at $125,000 after purchasing an additional 372 shares during the period. Jacobi Capital Management LLC boosted its position in HP by 1.2% during the 1st quarter. Jacobi Capital Management LLC now owns 34,228 shares of the computer maker’s stock valued at $1,034,000 after purchasing an additional 390 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its position in HP by 9.6% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 4,506 shares of the computer maker’s stock worth $158,000 after acquiring an additional 395 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Company Profile

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.