HP (NYSE:HPQ) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

HP (NYSE:HPQGet Rating) posted its earnings results on Tuesday. The computer maker reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01, RTT News reports. The business had revenue of $14.80 billion during the quarter, compared to analyst estimates of $14.68 billion. HP had a negative return on equity of 196.62% and a net margin of 5.09%. The company’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS.

HP Price Performance

NYSE:HPQ opened at $29.91 on Thursday. The business has a 50 day moving average of $27.02 and a 200 day moving average of $31.33. The company has a market capitalization of $30.09 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 3.02 and a beta of 0.99. HP has a 1-year low of $24.08 and a 1-year high of $41.47.

HP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be given a $0.2625 dividend. This is an increase from HP’s previous quarterly dividend of $0.25. This represents a $1.05 dividend on an annualized basis and a yield of 3.51%. HP’s payout ratio is presently 33.22%.

Insider Buying and Selling

In related news, CEO Enrique Lores sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $25.23, for a total value of $857,820.00. Following the completion of the sale, the chief executive officer now owns 517,204 shares in the company, valued at approximately $13,049,056.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.22% of the stock is currently owned by corporate insiders.

Institutional Trading of HP

Several hedge funds and other institutional investors have recently bought and sold shares of HPQ. Eaton Vance Management lifted its position in HP by 83.2% in the first quarter. Eaton Vance Management now owns 929,787 shares of the computer maker’s stock valued at $33,751,000 after purchasing an additional 422,318 shares during the last quarter. Cantor Fitzgerald Investment Advisor L.P increased its stake in shares of HP by 89.9% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 873,243 shares of the computer maker’s stock valued at $31,698,000 after buying an additional 413,491 shares during the period. Bridgewater Associates LP increased its stake in shares of HP by 460.2% during the first quarter. Bridgewater Associates LP now owns 472,168 shares of the computer maker’s stock valued at $17,140,000 after buying an additional 387,889 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of HP by 29.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,320,240 shares of the computer maker’s stock valued at $47,925,000 after buying an additional 301,500 shares during the period. Finally, Macquarie Group Ltd. increased its stake in shares of HP by 21.2% during the second quarter. Macquarie Group Ltd. now owns 1,116,080 shares of the computer maker’s stock valued at $36,586,000 after buying an additional 194,852 shares during the period. Institutional investors own 81.17% of the company’s stock.

Analyst Ratings Changes

HPQ has been the subject of a number of recent analyst reports. Morgan Stanley reduced their target price on HP from $28.00 to $24.00 and set an “underweight” rating for the company in a report on Monday, October 17th. Wells Fargo & Company reduced their target price on HP from $30.00 to $25.00 and set an “underweight” rating for the company in a report on Wednesday, August 31st. Citigroup reduced their target price on HP from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, November 18th. Cowen dropped their price target on HP from $38.00 to $30.00 and set a “market perform” rating for the company in a research report on Wednesday, August 31st. Finally, Credit Suisse Group downgraded HP from an “outperform” rating to a “neutral” rating and set a $33.00 price target for the company. in a research report on Friday, November 18th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $29.71.

HP Company Profile

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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.

Further Reading

Earnings History for HP (NYSE:HPQ)

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