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HP (NYSE:HPQ) Trading Up 6.8% Following Insider Buying Activity

Last updated on Wednesday, June 3, 2020 | 2020 MarketBeat

HP Inc. (NYSE:HPQ)'s share price was up 6.8% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $16.98 and last traded at $16.86, approximately 19,384,560 shares were traded during trading. An increase of 37% from the average daily volume of 14,117,197 shares. The stock had previously closed at $15.79.

Specifically, Director Robert R. Bennett acquired 50,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $14.95 per share, with a total value of $747,500.00. Following the transaction, the director now owns 110,216 shares of the company's stock, valued at approximately $1,647,729.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.28% of the company's stock.

A number of analysts have recently issued reports on the stock. Barclays reaffirmed a "hold" rating and set a $19.00 price target on shares of HP in a report on Thursday, February 20th. Longbow Research dropped their price target on shares of HP from $24.00 to $20.00 and set a "hold" rating on the stock in a report on Wednesday, April 1st. Deutsche Bank raised their price target on shares of HP from $17.00 to $18.00 and gave the company a "hold" rating in a report on Thursday, May 28th. Morgan Stanley increased their price objective 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, Zacks Investment Research upgraded shares of HP from a "sell" rating to a "hold" rating and set a $16.00 price objective on the stock in a research note on Friday, May 29th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. HP presently has an average rating of "Hold" and an average price target of $18.25.

The stock has a market cap of $23.25 billion, a P/E ratio of 8.31, a PEG ratio of 4.76 and a beta of 0.99. The firm's 50-day moving average price is $15.50 and its 200-day moving average price is $18.82.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, May 27th. The computer maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.07. The firm had revenue of $12.47 billion for the quarter, compared to analysts' expectations of $12.78 billion. HP had a net margin of 5.27% and a negative return on equity of 295.77%. The company's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 earnings per share. As a group, equities research analysts anticipate that HP Inc. will post 2.1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 10th will be given a dividend of $0.1762 per share. This represents a $0.70 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Tuesday, June 9th. HP's payout ratio is currently 31.25%.

Several institutional investors have recently added to or reduced their stakes in HPQ. Norges Bank bought a new stake in shares of HP during the fourth quarter valued at approximately $269,825,000. Baupost Group LLC MA purchased a new position in shares of HP in the fourth quarter valued at $205,500,000. APG Asset Management N.V. grew its holdings in shares of HP by 1,027.6% in the first quarter. APG Asset Management N.V. now owns 10,502,078 shares of the computer maker's stock valued at $181,730,000 after purchasing an additional 9,570,678 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of HP by 107.5% in the first 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 in the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of HP in the first quarter valued at $148,272,000. Hedge funds and other institutional investors own 79.25% of the company's stock.

About HP (NYSE:HPQ)

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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