HP (HPQ) Price Target Raised to $29.00 at Morgan Stanley

HP (NYSE:HPQ) had its price objective raised by Morgan Stanley from $28.00 to $29.00 in a research note released on Friday morning. Morgan Stanley currently has an equal weight rating on the computer maker’s stock.

HPQ has been the topic of a number of other research reports. ValuEngine lowered shares of HP from a strong-buy rating to a buy rating in a research note on Wednesday, May 2nd. Maxim Group raised shares of HP from a hold rating to a buy rating and lifted their target price for the company from $27.00 to $28.00 in a research note on Wednesday, May 30th. They noted that the move was a valuation call. BMO Capital Markets cut their target price on shares of HP to $22.00 and set a market perform rating on the stock in a research note on Wednesday, May 30th. Susquehanna Bancshares set a $22.00 target price on shares of HP and gave the company a hold rating in a research note on Wednesday, May 30th. Finally, JPMorgan Chase & Co. set a $28.00 target price on shares of HP and gave the company a buy rating in a research note on Wednesday, May 30th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $26.06.

Shares of HP stock opened at $24.33 on Friday. The firm has a market capitalization of $38.89 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.84 and a beta of 1.66. HP has a 12-month low of $18.96 and a 12-month high of $24.80. The company has a debt-to-equity ratio of -2.55, a quick ratio of 0.61 and a current ratio of 0.85.

HP (NYSE:HPQ) last announced its quarterly earnings results on Thursday, August 23rd. The computer maker reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $14.29 billion. HP had a net margin of 7.95% and a negative return on equity of 130.47%. The company’s revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 EPS. research analysts expect that HP will post 2.02 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 3rd. Stockholders of record on Wednesday, September 12th will be paid a dividend of $0.1393 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Tuesday, September 11th. HP’s payout ratio is 33.94%.

In related news, insider Tracy S. Keogh sold 117,276 shares of HP stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $23.00, for a total transaction of $2,697,348.00. Following the completion of the transaction, the insider now directly owns 340,453 shares of the company’s stock, valued at approximately $7,830,419. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Tracy S. Keogh sold 117,275 shares of HP stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $24.00, for a total transaction of $2,814,600.00. Following the transaction, the insider now directly owns 243,526 shares of the company’s stock, valued at $5,844,624. The disclosure for this sale can be found here. Insiders have sold a total of 243,021 shares of company stock worth $5,705,488 in the last ninety days. Insiders own 0.25% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bedel Financial Consulting Inc. purchased a new position in HP during the 1st quarter valued at about $105,000. Rockefeller Capital Management L.P. purchased a new position in HP during the 1st quarter valued at about $106,000. CSat Investment Advisory L.P. purchased a new position in HP during the 2nd quarter valued at about $113,000. NuWave Investment Management LLC purchased a new position in HP during the 2nd quarter valued at about $116,000. Finally, Institutional & Family Asset Management LLC purchased a new position in HP during the 1st quarter valued at about $118,000. 78.32% of the stock is owned by institutional investors.

About HP

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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