Citigroup Lowers HP (NYSE:HPQ) to Neutral

Citigroup cut shares of HP (NYSE:HPQ) from a buy rating to a neutral rating in a research note released on Tuesday, BenzingaRatingsTable reports. They currently have $21.00 price target on the computer maker’s stock, down from their previous price target of $25.00.

A number of other research analysts also recently issued reports on the stock. Wolfe Research downgraded shares of HP from an outperform rating to a peer perform rating and decreased their price target for the stock from $25.00 to $21.00 in a research note on Tuesday, May 14th. Evercore ISI initiated coverage on shares of HP in a research note on Wednesday, June 5th. They issued an outperform rating and a $23.00 price target for the company. Barclays initiated coverage on shares of HP in a report on Wednesday, August 7th. They set an equal weight rating and a $21.00 price objective on the stock. Deutsche Bank initiated coverage on shares of HP in a report on Wednesday, June 19th. They set a hold rating and a $20.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of HP from $21.00 to $22.00 and gave the stock a neutral rating in a report on Tuesday, June 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $23.74.

Shares of HP stock opened at $18.93 on Tuesday. HP has a 52-week low of $18.06 and a 52-week high of $27.08. The company has a 50 day moving average of $20.44 and a 200 day moving average of $20.35. The company has a market capitalization of $28.48 billion, a P/E ratio of 9.37, a P/E/G ratio of 2.85 and a beta of 1.40.

HP (NYSE:HPQ) last issued its quarterly earnings results on Thursday, August 22nd. The computer maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. HP had a net margin of 6.67% and a negative return on equity of 232.81%. The company had revenue of $14.60 billion during the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, analysts predict that HP will post 2.17 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Wednesday, September 11th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.64 dividend on an annualized basis and a yield of 3.38%. HP’s payout ratio is currently 31.68%.

In other news, insider Claire Bramley sold 15,819 shares of HP stock in a transaction on Monday, June 10th. The shares were sold at an average price of $20.00, for a total value of $316,380.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dion J. Weisler sold 132,964 shares of HP stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $20.95, for a total transaction of $2,785,595.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,635 shares of company stock worth $4,423,266. 0.25% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in HPQ. Geode Capital Management LLC increased its position in shares of HP by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 20,246,617 shares of the computer maker’s stock valued at $413,637,000 after acquiring an additional 385,515 shares in the last quarter. Wedbush Securities Inc. increased its position in shares of HP by 29.8% during the first quarter. Wedbush Securities Inc. now owns 14,566 shares of the computer maker’s stock valued at $283,000 after acquiring an additional 3,346 shares in the last quarter. First Personal Financial Services increased its position in shares of HP by 101.9% during the first quarter. First Personal Financial Services now owns 1,621 shares of the computer maker’s stock valued at $31,000 after acquiring an additional 818 shares in the last quarter. Reilly Financial Advisors LLC increased its position in shares of HP by 26.6% during the first quarter. Reilly Financial Advisors LLC now owns 4,702 shares of the computer maker’s stock valued at $91,000 after acquiring an additional 988 shares in the last quarter. Finally, Lindbrook Capital LLC increased its position in shares of HP by 46.1% during the first quarter. Lindbrook Capital LLC now owns 4,471 shares of the computer maker’s stock valued at $86,000 after acquiring an additional 1,411 shares in the last quarter. 77.16% of the stock is currently owned by institutional investors and hedge funds.

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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