HP (NYSE:HPQ) Upgraded to Buy by Zacks Investment Research

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HP (NYSE:HPQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The firm currently has a $21.00 price target on the computer maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 6.98% from the company’s previous close.

According to Zacks, “HP’s fourth-quarter fiscal 2019 results benefited from growing demand in the Commercial PC market. Increase in sales for commercial customers is a tailwind. Broad-based growth across all products and geographies is helping the company outperform the PC market. HP also witnessed double-digit revenue growth in retail solutions business and gaming as well as services orders in the quarter. Further, stringent cost control is driving margin expansion. The company's improving market share across the PC and Printer businesses makes us optimistic. However, soft consumer market and weakness in the Printing business are negatives. Further, macroeconomic weakness, particularly in Europe, the Middle East and Africa (EMEA), is denting Supplies revenues. Shares of the company have underperformed the industry on a year-to-date basis.”

HPQ has been the topic of several other research reports. ValuEngine raised HP from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Citigroup set a $20.00 price objective on HP and gave the company a “hold” rating in a report on Friday, August 23rd. Evercore ISI raised shares of HP from an “in-line” rating to an “outperform” rating and set a $24.00 target price for the company in a research note on Monday, November 11th. Argus downgraded shares of HP from a “buy” rating to a “hold” rating in a report on Monday, October 7th. Finally, Barclays lowered their target price on shares of HP from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $19.91.

HP stock opened at $19.63 on Wednesday. The company has a market cap of $29.76 billion, a price-to-earnings ratio of 8.76, a P/E/G ratio of 4.09 and a beta of 1.43. The firm has a 50-day moving average of $18.70 and a 200-day moving average of $19.28. HP has a one year low of $15.93 and a one year high of $24.17.

HP (NYSE:HPQ) last released its earnings results on Tuesday, November 26th. The computer maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. HP had a negative return on equity of 241.43% and a net margin of 5.36%. The business had revenue of $15.40 billion for the quarter, compared to the consensus estimate of $15.29 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. HP’s quarterly revenue was up .2% on a year-over-year basis. Analysts expect that HP will post 2.27 earnings per share for the current year.

In related news, insider Christoph Schell sold 60,121 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $20.17, for a total value of $1,212,640.57. Following the sale, the insider now owns 179,029 shares in the company, valued at approximately $3,611,014.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.28% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Icahn Carl C bought a new stake in shares of HP during the third quarter worth approximately $1,190,124,000. Nuveen Asset Management LLC lifted its holdings in HP by 645.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 7,674,530 shares of the computer maker’s stock worth $159,553,000 after purchasing an additional 6,644,860 shares during the last quarter. DNB Asset Management AS boosted its stake in HP by 73.2% in the 3rd quarter. DNB Asset Management AS now owns 8,598,374 shares of the computer maker’s stock valued at $162,681,000 after purchasing an additional 3,632,640 shares during the period. Squarepoint Ops LLC boosted its stake in HP by 3,092.1% in the 3rd quarter. Squarepoint Ops LLC now owns 1,959,225 shares of the computer maker’s stock valued at $37,069,000 after purchasing an additional 1,897,848 shares during the period. Finally, Morgan Stanley boosted its stake in HP by 12.5% in the 2nd quarter. Morgan Stanley now owns 10,247,972 shares of the computer maker’s stock valued at $213,054,000 after purchasing an additional 1,142,355 shares during the period. 83.06% of the stock is owned by hedge funds and other institutional investors.

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.

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