HP (HPQ) Rating Lowered to Hold at Zacks Investment Research
HP (NYSE:HPQ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “HP reported stellar fourth-quarter fiscal 2017 results driven mainly by strength in Personal System and Printing segments. We are impressed by the performance of HP’s PC segment, wherein the year-over-year increase was witnessed due to growth in Commercial and Consumer revenues. HP’s efforts to turn around the business have been commendable. The company is working on product innovation, differentiation and enhancing the capabilities of its printing business to stabilize the top line. Furthermore, looking at the recently released data on PC shipment by IDC depicts that HP’s restructuring initiatives which includes divestment of non-core assets and cutting jobs to lower costs along with focus on product innovations, pricing, marketing and sales activities, are paying off. Nonetheless, pricing pressure due to intense competition remains a major concern. Moreover, a tepid IT spending environment adds to its woes.”
A number of other research analysts have also weighed in on the stock. Loop Capital reissued a “buy” rating and issued a $25.00 target price on shares of HP in a research note on Wednesday, November 22nd. Morgan Stanley reissued a “hold” rating and issued a $14.00 target price on shares of HP in a research note on Wednesday, November 22nd. Royal Bank Of Canada reissued a “hold” rating on shares of HP in a research note on Wednesday, November 22nd. Deutsche Bank reaffirmed a “buy” rating and set a $25.00 price target on shares of HP in a research report on Wednesday, November 22nd. Finally, BMO Capital Markets lifted their price target on shares of HP to $23.00 and gave the company a “positive” rating in a research report on Wednesday, November 22nd. Twelve research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. HP currently has an average rating of “Buy” and an average target price of $21.31.
HP (NYSE HPQ) traded down $0.05 during mid-day trading on Wednesday, reaching $20.97. The company had a trading volume of 8,450,900 shares, compared to its average volume of 10,972,317. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of -1.98. HP has a 12 month low of $14.40 and a 12 month high of $22.68. The firm has a market cap of $35,108.74, a PE ratio of 12.74, a price-to-earnings-growth ratio of 2.23 and a beta of 1.81.
HP (NYSE:HPQ) last released its earnings results on Tuesday, November 21st. The computer maker reported $0.44 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.44. HP had a net margin of 4.85% and a negative return on equity of 70.25%. The business had revenue of $13.93 billion for the quarter, compared to analyst estimates of $13.36 billion. During the same period last year, the company posted $0.36 EPS. The business’s revenue was up 11.3% on a year-over-year basis. equities research analysts anticipate that HP will post 1.79 earnings per share for the current fiscal year.
In related news, insider Marie Myers sold 10,025 shares of the stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $19.75, for a total transaction of $197,993.75. Following the completion of the transaction, the insider now directly owns 10,025 shares of the company’s stock, valued at $197,993.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dion J. Weisler sold 95,521 shares of the stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $19.97, for a total transaction of $1,907,554.37. Following the transaction, the chief executive officer now directly 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 2,139,153 shares of company stock valued at $44,020,119 in the last 90 days. 0.62% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. NGAM Advisors L.P. grew its position in HP by 24.3% during the second quarter. NGAM Advisors L.P. now owns 124,653 shares of the computer maker’s stock worth $2,179,000 after buying an additional 24,364 shares during the period. Daiwa Securities Group Inc. grew its position in shares of HP by 1.5% in the second quarter. Daiwa Securities Group Inc. now owns 101,950 shares of the computer maker’s stock valued at $1,782,000 after purchasing an additional 1,550 shares during the last quarter. IFP Advisors Inc grew its position in shares of HP by 5.6% in the second quarter. IFP Advisors Inc now owns 33,606 shares of the computer maker’s stock valued at $587,000 after purchasing an additional 1,773 shares during the last quarter. HL Financial Services LLC grew its position in shares of HP by 48.3% in the second quarter. HL Financial Services LLC now owns 21,592 shares of the computer maker’s stock valued at $377,000 after purchasing an additional 7,033 shares during the last quarter. Finally, Pioneer Investment Management Inc. grew its position in shares of HP by 41.5% in the second quarter. Pioneer Investment Management Inc. now owns 1,378,380 shares of the computer maker’s stock valued at $24,094,000 after purchasing an additional 404,040 shares during the last quarter. 79.98% of the stock is owned by hedge funds and other institutional investors.
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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