HP (NYSE:HPQ) Price Target Cut to $28.00 by Analysts at TD Cowen

HP (NYSE:HPQ) had its price target trimmed by TD Cowen from $38.00 to $28.00 in a research report report published on Thursday, MarketBeat.com reports. The firm currently has a hold rating on the computer maker’s stock.

HPQ has been the subject of a number of other reports. Wall Street Zen raised shares of HP from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Evercore ISI cut their price objective on shares of HP from $40.00 to $32.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Bank of America cut their price objective on shares of HP from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of HP from $30.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Finally, Barclays increased their price objective on shares of HP from $35.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $29.54.

HP Trading Down 0.3%

Shares of HPQ stock opened at $24.88 on Thursday. HP has a 1 year low of $21.21 and a 1 year high of $39.80. The firm’s 50 day moving average is $25.95 and its 200-day moving average is $30.65. The firm has a market capitalization of $23.45 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 2.96 and a beta of 1.32.

HP (NYSE:HPQ) last announced its earnings results on Wednesday, May 28th. The computer maker reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.09). HP had a negative return on equity of 253.39% and a net margin of 5.18%. The company had revenue of $13.22 billion for the quarter, compared to analyst estimates of $13.09 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. HP’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that HP will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Wednesday, June 11th will be given a dividend of $0.2894 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.65%. The ex-dividend date of this dividend is Wednesday, June 11th. HP’s dividend payout ratio is 44.40%.

Insider Transactions at HP

In related news, insider Anneliese Olson sold 21,545 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $28.49, for a total transaction of $613,817.05. Following the completion of the transaction, the insider now owns 169 shares in the company, valued at approximately $4,814.81. This represents a 99.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Stephanie Liebman sold 15,646 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $29.00, for a total transaction of $453,734.00. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Institutional Trading of HP

A number of large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in HP by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 25,350,016 shares of the computer maker’s stock valued at $825,398,000 after acquiring an additional 579,525 shares during the last quarter. Northern Trust Corp lifted its stake in HP by 15.8% in the fourth quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker’s stock valued at $419,126,000 after acquiring an additional 1,755,942 shares during the last quarter. Invesco Ltd. lifted its stake in HP by 19.2% in the first quarter. Invesco Ltd. now owns 11,340,629 shares of the computer maker’s stock valued at $314,022,000 after acquiring an additional 1,829,411 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in HP by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 10,013,184 shares of the computer maker’s stock valued at $277,265,000 after acquiring an additional 724,020 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in HP by 8.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,289,164 shares of the computer maker’s stock valued at $303,105,000 after acquiring an additional 707,742 shares during the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

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.