Citigroup Inc. Purchases 607,140 Shares of HP Inc. (NYSE:HPQ)

Key Points

• Citigroup Inc. increased its holdings in HP Inc. by 76.6%, acquiring an additional 607,140 shares, bringing their total to approximately 1.4 million shares valued at about $38.8 million.
• HP reported a quarterly EPS of $0.71, missing analysts' expectations of $0.80, although their revenue rose 3.3% year-over-year to $13.22 billion.
• The company declared a quarterly dividend of $0.2894 per share, with a 4.5% dividend yield, set to be paid on October 1st.

Citigroup Inc. increased its holdings in HP Inc. (NYSE:HPQ - Free Report) by 76.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,400,020 shares of the computer maker's stock after acquiring an additional 607,140 shares during the period. Citigroup Inc. owned about 0.15% of HP worth $38,767,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HPQ. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in HP in the 1st quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in HP in the 4th quarter valued at about $36,000. Iron Horse Wealth Management LLC purchased a new stake in HP in the 1st quarter valued at about $39,000. Financial Freedom LLC increased its stake in HP by 141.4% in the 1st quarter. Financial Freedom LLC now owns 1,499 shares of the computer maker's stock valued at $42,000 after buying an additional 878 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its stake in HP by 165.3% in the 1st quarter. Golden State Wealth Management LLC now owns 1,520 shares of the computer maker's stock valued at $42,000 after buying an additional 947 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on HPQ. Wall Street Zen raised shares of HP from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. TD Cowen reduced their target price on shares of HP from $38.00 to $28.00 and set a "hold" rating for the company in a research report on Thursday, May 29th. Barclays set a $28.00 target price on shares of HP and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Wells Fargo & Company reduced their target price on shares of HP from $35.00 to $25.00 and set an "underweight" rating for the company in a research report on Thursday, May 29th. Finally, Morgan Stanley reduced their target price on shares of HP from $29.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $29.54.

HP Stock Performance

NYSE HPQ traded down $0.19 on Thursday, hitting $26.96. The stock had a trading volume of 6,544,396 shares, compared to its average volume of 8,282,001. HP Inc. has a 52-week low of $21.21 and a 52-week high of $39.79. The company has a market capitalization of $25.32 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 2.15 and a beta of 1.29. The firm has a 50-day moving average of $25.13 and a 200-day moving average of $27.26.

HP (NYSE:HPQ - Get Free Report) last posted its earnings results on Wednesday, May 28th. The computer maker reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). HP had a negative return on equity of 244.99% and a net margin of 4.64%. The firm had revenue of $13.22 billion during the quarter, compared to analysts' expectations of $13.09 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, research analysts anticipate that HP Inc. will post 3.56 earnings per share for the current fiscal year.

HP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th will be given a $0.2894 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Wednesday, September 10th. HP's dividend payout ratio (DPR) is presently 44.40%.

HP 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.