Citigroup Inc. Increases HP Inc. (HPQ) Price Target to $23.00

HP Inc. (NYSE:HPQ) had its price objective raised by analysts at Citigroup Inc. from $20.00 to $23.00 in a note issued to investors on Friday. The brokerage currently has a “buy” rating on the computer maker’s stock. Citigroup Inc.’s price objective suggests a potential upside of 5.94% from the company’s previous close.

A number of other analysts have also weighed in on the stock. ValuEngine upgraded shares of HP from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Guggenheim restated a “neutral” rating on shares of HP in a research note on Monday, October 2nd. Susquehanna Bancshares Inc initiated coverage on shares of HP in a research note on Thursday, July 13th. They set a “neutral” rating and a $20.00 target price on the stock. Morgan Stanley upped their target price on shares of HP from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Jefferies Group LLC restated a “hold” rating and set a $20.00 target price on shares of HP in a research note on Sunday, October 8th. Nine research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. HP presently has an average rating of “Buy” and an average target price of $21.27.

Shares of HP (NYSE:HPQ) traded up 6.42% on Friday, hitting $21.71. 27,016,737 shares of the stock were exchanged. The company’s 50 day moving average is $19.79 and its 200-day moving average is $18.80. HP has a 52-week low of $13.77 and a 52-week high of $22.00. The stock has a market cap of $36.26 billion, a PE ratio of 15.78 and a beta of 1.94.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 23rd. The computer maker reported $0.43 earnings per share for the quarter, topping 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 analyst estimates of $12.31 billion. During the same period in the prior year, the firm earned $0.48 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. Analysts predict that HP will post $1.65 EPS for the current fiscal year.

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In related news, insider Dion J. Weisler sold 731,502 shares of the stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $19.97, for a total transaction of $14,608,094.94. Following the completion of the sale, the insider now directly owns 435,018 shares of the company’s stock, valued at $8,687,309.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Marie Myers sold 10,025 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $19.50, for a total value of $195,487.50. Following the sale, the insider now directly owns 10,025 shares of the company’s stock, valued at $195,487.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,127,206 shares of company stock valued at $41,757,043. Corporate insiders own 0.62% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bronfman E.L. Rothschild L.P. lifted its holdings in HP by 19.7% in the second 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 period. American Beacon Advisors Inc. acquired a new stake in HP in the first quarter valued at $112,000. YorkBridge Wealth Partners LLC lifted its holdings in HP by 3.2% in the second 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 period. First Command Bank lifted its holdings in HP by 80.0% in the second 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 period. Finally, Evercore Wealth Management LLC lifted its holdings in HP by 14.0% in the second 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 period. 79.18% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for HP (NYSE:HPQ)

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