Bank of America Raises HP (NYSE:HPQ) Price Target to $37.00

HP (NYSE:HPQGet Free Report) had its price target increased by research analysts at Bank of America from $35.00 to $37.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the computer maker’s stock. Bank of America‘s price objective suggests a potential downside of 3.95% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. HSBC raised shares of HP from a “hold” rating to a “buy” rating and raised their price target for the company from $30.00 to $33.00 in a report on Wednesday, February 14th. TD Cowen boosted their price target on HP from $30.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday. Morgan Stanley increased their target price on HP from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays raised shares of HP from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $24.00 to $30.00 in a report on Tuesday, May 21st. Finally, StockNews.com downgraded HP from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.50.

Check Out Our Latest Report on HP

HP Price Performance

HPQ stock traded up $5.72 during midday trading on Thursday, reaching $38.52. 14,471,625 shares of the company’s stock traded hands, compared to its average volume of 7,720,467. HP has a fifty-two week low of $25.22 and a fifty-two week high of $38.57. The business has a 50-day moving average price of $29.70 and a two-hundred day moving average price of $29.48. The company has a market capitalization of $37.78 billion, a P/E ratio of 11.23, a PEG ratio of 2.48 and a beta of 1.06.

HP (NYSE:HPQGet Free Report) last announced its quarterly earnings results on Wednesday, May 29th. The computer maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. HP had a net margin of 6.45% and a negative return on equity of 181.02%. The firm had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.61 billion. During the same period in the prior year, the company earned $0.80 EPS. The firm’s revenue was down .8% on a year-over-year basis. As a group, research analysts forecast that HP will post 3.42 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Kristen M. Ludgate sold 41,015 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $29.24, for a total value of $1,199,278.60. Following the completion of the transaction, the insider now owns 56,169 shares in the company, valued at approximately $1,642,381.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other HP news, insider Kristen M. Ludgate sold 41,015 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $29.24, for a total transaction of $1,199,278.60. Following the completion of the transaction, the insider now directly owns 56,169 shares of the company’s stock, valued at approximately $1,642,381.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert R. Bennett sold 67,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $30.01, for a total transaction of $2,010,670.00. Following the completion of the sale, the director now owns 60,216 shares in the company, valued at $1,807,082.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 116,723 shares of company stock valued at $3,479,287. Company insiders own 0.41% of the company’s stock.

Institutional Trading of HP

A number of large investors have recently added to or reduced their stakes in HPQ. Alaska Permanent Fund Corp lifted its position in shares of HP by 1.4% during the 4th quarter. Alaska Permanent Fund Corp now owns 79,291 shares of the computer maker’s stock valued at $2,386,000 after acquiring an additional 1,091 shares during the last quarter. CHURCHILL MANAGEMENT Corp acquired a new stake in shares of HP during the fourth quarter worth $1,758,000. DekaBank Deutsche Girozentrale boosted its position in shares of HP by 87.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 765,799 shares of the computer maker’s stock valued at $22,960,000 after purchasing an additional 358,231 shares during the period. Flputnam Investment Management Co. purchased a new position in HP in the 4th quarter worth about $211,000. Finally, Scissortail Wealth Management LLC acquired a new stake in HP during the 4th quarter worth about $1,311,000. 77.53% of the stock is currently owned by institutional investors.

HP Company Profile

(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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