HP Inc. (HPQ) Price Target Raised to $23.00

HP Inc. (NYSE:HPQ) had its price target lifted by analysts at Citigroup Inc. from $20.00 to $23.00 in a report released on Friday. The firm presently has a “buy” rating on the computer maker’s stock. Citigroup Inc.’s target price points to a potential upside of 12.75% from the company’s previous close.

Several other equities analysts have also issued reports on HPQ. BidaskClub lowered HP from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Morgan Stanley reaffirmed an “overweight” rating and issued a $23.00 price target on shares of HP in a research report on Monday, June 26th. ValuEngine raised HP from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Mizuho raised HP from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $21.00 in a research report on Monday, July 10th. Finally, Zacks Investment Research raised HP from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Wednesday, July 12th. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. HP has a consensus rating of “Buy” and a consensus price target of $21.27.

HP (NYSE:HPQ) traded up 6.37% on Friday, reaching $21.70. 8,690,821 shares of the company’s stock traded hands. The company has a market cap of $36.24 billion, a PE ratio of 15.77 and a beta of 1.94. HP has a 12 month low of $13.77 and a 12 month high of $21.78. The firm’s 50 day moving average price is $19.71 and its 200 day moving average price is $18.76.

HP (NYSE:HPQ) last announced its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. HP had a net margin of 4.66% and a negative return on equity of 64.93%. The firm had revenue of $13.06 billion for the quarter, compared to analysts’ expectations of $12.31 billion. During the same quarter in the previous year, the business posted $0.48 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts expect that HP will post $1.65 EPS for the current fiscal year.

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In other news, insider Enrique Lores sold 40,965 shares of the stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $20.50, for a total transaction of $839,782.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Dion J. Weisler sold 95,521 shares of the stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $19.97, for a total value of $1,907,554.37. Following the transaction, the chief executive officer now owns 435,018 shares of the company’s stock, valued at $8,687,309.46. The disclosure for this sale can be found here. Insiders sold a total of 2,127,206 shares of company stock valued at $41,757,043 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. boosted its position in shares of HP by 19.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 6,167 shares of the computer maker’s stock valued at $108,000 after acquiring an additional 1,013 shares during the last quarter. American Beacon Advisors Inc. bought a new position in shares of HP during the 1st quarter valued at approximately $112,000. YorkBridge Wealth Partners LLC boosted its position in shares of HP by 3.2% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 6,457 shares of the computer maker’s stock valued at $113,000 after acquiring an additional 200 shares during the last quarter. First Command Bank boosted its position in shares of HP by 80.0% during the 2nd quarter. First Command Bank now owns 6,714 shares of the computer maker’s stock valued at $118,000 after acquiring an additional 2,984 shares during the last quarter. Finally, Evercore Wealth Management LLC boosted its position in shares of HP by 14.0% during the 2nd quarter. Evercore Wealth Management LLC now owns 6,793 shares of the computer maker’s stock valued at $119,000 after acquiring an additional 836 shares during the last quarter. Hedge funds and other institutional investors own 79.18% of the company’s stock.

About HP

HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.

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