TD Cowen Forecasts Strong Price Appreciation for HP (NYSE:HPQ) Stock

HP (NYSE:HPQ) had its target price lifted by equities research analysts at TD Cowen from $32.00 to $39.00 in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a “hold” rating on the computer maker’s stock. TD Cowen’s price objective suggests a potential downside of 0.20% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Loop Capital reduced their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Barclays dropped their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Citigroup downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Tuesday, October 1st. Morgan Stanley cut their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $36.09.

HP Trading Down 0.6 %

NYSE:HPQ opened at $39.08 on Wednesday. HP has a 1 year low of $27.42 and a 1 year high of $39.79. The stock has a 50-day moving average price of $36.56 and a two-hundred day moving average price of $35.53. The stock has a market cap of $37.66 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.70 and a beta of 1.07.

HP (NYSE:HPQ) last posted its earnings results on Tuesday, November 26th. The computer maker reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. The business had revenue of $14.06 billion during the quarter, compared to analysts’ expectations of $13.99 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. Sell-side analysts forecast that HP will post 3.39 earnings per share for the current year.

HP announced that its board has authorized a share repurchase plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. The trade was a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chris Bulman Inc acquired a new stake in HP during the second quarter worth approximately $88,000. Principal Financial Group Inc. grew its stake in HP by 16.1% during the third quarter. Principal Financial Group Inc. now owns 1,153,924 shares of the computer maker’s stock worth $41,391,000 after buying an additional 160,268 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in HP in the 2nd quarter valued at about $621,000. Cetera Investment Advisers lifted its holdings in shares of HP by 154.7% during the 1st quarter. Cetera Investment Advisers now owns 109,493 shares of the computer maker’s stock worth $3,309,000 after acquiring an additional 66,510 shares during the period. Finally, National Pension Service boosted its position in shares of HP by 24.1% during the 3rd quarter. National Pension Service now owns 2,162,772 shares of the computer maker’s stock worth $77,579,000 after acquiring an additional 419,774 shares in the last quarter. 77.53% of the stock is 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.