Equities researchers at Cowen initiated coverage on shares of HP (NYSE:HPQ) in a note issued to investors on Tuesday, Briefing.com Automated Import reports. The firm set a "market perform" rating and a $18.00 price target on the computer maker's stock. Cowen's target price suggests a potential upside of 5.08% from the stock's current price.
Several other equities analysts also recently weighed in on HPQ. Bank of America reduced their target price on shares of HP from $18.00 to $16.00 and set an "underperform" rating for the company in a research note on Thursday, May 28th. Cfra reduced their target price on shares of HP from $20.00 to $17.00 and set a "hold" rating for the company in a research note on Thursday, May 28th. UBS Group reduced their target price on shares of HP from $22.50 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, May 28th. Morgan Stanley lifted their target price on shares of HP from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 28th. Finally, Longbow Research reduced their target price on shares of HP from $24.00 to $20.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of "Hold" and an average price target of $18.00.
HPQ opened at $17.13 on Tuesday. The company's 50-day moving average is $16.34 and its 200 day moving average is $18.38. HP has a fifty-two week low of $12.54 and a fifty-two week high of $23.93. The firm has a market capitalization of $23.75 billion, a P/E ratio of 8.44, a PEG ratio of 5.23 and a beta of 0.99.
HP (NYSE:HPQ) last released its quarterly earnings results on Wednesday, May 27th. The computer maker reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.07. HP had a net margin of 5.27% and a negative return on equity of 295.77%. The company had revenue of $12.47 billion for the quarter, compared to analyst estimates of $12.78 billion. During the same period last year, the firm earned $0.53 earnings per share. The firm's revenue was down 11.2% on a year-over-year basis. As a group, analysts predict that HP will post 2.1 earnings per share for the current year.
In related news, CEO Enrique Lores acquired 13,500 shares of HP stock in a transaction on Tuesday, June 2nd. The shares were acquired at an average cost of $16.47 per share, with a total value of $222,345.00. Also, Director Robert R. Bennett acquired 17,000 shares of HP stock in a transaction on Tuesday, June 2nd. The shares were bought at an average cost of $16.47 per share, for a total transaction of $279,990.00. Insiders have purchased a total of 80,500 shares of company stock valued at $1,249,835 over the last quarter. 0.28% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of HPQ. BlackRock Inc. grew its position in shares of HP by 1.2% in the 1st quarter. BlackRock Inc. now owns 101,085,158 shares of the computer maker's stock worth $1,754,838,000 after buying an additional 1,181,797 shares during the period. Geode Capital Management LLC grew its position in shares of HP by 4.5% in the 1st quarter. Geode Capital Management LLC now owns 22,651,014 shares of the computer maker's stock worth $392,609,000 after buying an additional 974,006 shares during the period. Baupost Group LLC MA grew its position in HP by 100.0% during the 1st quarter. Baupost Group LLC MA now owns 20,000,000 shares of the computer maker's stock valued at $347,200,000 after purchasing an additional 10,000,000 shares during the last quarter. Bank of New York Mellon Corp grew its position in HP by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 18,852,872 shares of the computer maker's stock valued at $327,286,000 after purchasing an additional 116,446 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in HP by 107.5% during the 1st quarter. Nuveen Asset Management LLC now owns 17,289,519 shares of the computer maker's stock valued at $300,146,000 after purchasing an additional 8,956,663 shares during the last quarter. 79.25% of the stock is currently owned by institutional investors and hedge funds.
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.
See Also: Book Value Per Share – BVPS
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