HP Inc. (NYSE:HPQ) Sees Significant Decrease in Short Interest
HP Inc. (NYSE:HPQ – Get Free Report) was the recipient of a large drop in short interest in November. As of November 15th, there was short interest totalling 11,930,000 shares, a drop of 6.5% from the October 31st total of 12,760,000 shares. Based on an average trading volume of 8,510,000 shares, the days-to-cover ratio is currently 1.4 days. Currently, 1.2% of the shares of the stock are short sold.
Analyst Ratings Changes
HPQ has been the topic of several analyst reports. Bank of America raised shares of HP from an “underperform” rating to a “buy” rating and raised their price target for the stock from $25.00 to $33.00 in a research note on Tuesday, October 3rd. Evercore ISI reissued an “in-line” rating and issued a $33.00 target price on shares of HP in a research report on Monday, November 20th. StockNews.com raised shares of HP from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 17th. Citigroup raised shares of HP from a “neutral” rating to a “buy” rating and raised their target price for the stock from $31.00 to $33.00 in a research report on Monday, November 13th. Finally, Barclays decreased their target price on shares of HP from $24.00 to $23.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, HP presently has an average rating of “Moderate Buy” and an average target price of $30.80.
Read Our Latest Stock Analysis on HPQ
Insider Buying and Selling at HP
In other HP news, major shareholder Berkshire Hathaway Inc sold 938,968 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $29.59, for a total transaction of $27,784,063.12. Following the completion of the transaction, the insider now directly owns 120,013,850 shares in the company, valued at approximately $3,551,209,821.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other HP news, major shareholder Berkshire Hathaway Inc sold 938,968 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $29.59, for a total transaction of $27,784,063.12. Following the sale, the insider now directly owns 120,013,850 shares of the company’s stock, valued at approximately $3,551,209,821.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Enrique Lores sold 38,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $25.75, for a total transaction of $978,500.00. Following the sale, the chief executive officer now directly owns 728,268 shares in the company, valued at $18,752,901. The disclosure for this sale can be found here. In the last three months, insiders sold 14,498,772 shares of company stock worth $389,444,384. 0.32% of the stock is owned by corporate insiders.
Institutional Trading of HP
Several institutional investors have recently added to or reduced their stakes in HPQ. Mascoma Wealth Management LLC bought a new stake in HP during the third quarter valued at $25,000. Certified Advisory Corp acquired a new position in shares of HP during the first quarter valued at $26,000. Exchange Traded Concepts LLC boosted its holdings in shares of HP by 83.2% during the second quarter. Exchange Traded Concepts LLC now owns 914 shares of the computer maker’s stock valued at $28,000 after acquiring an additional 415 shares during the period. Motco boosted its holdings in shares of HP by 84.4% during the second quarter. Motco now owns 1,038 shares of the computer maker’s stock valued at $32,000 after acquiring an additional 475 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of HP during the third quarter valued at $32,000. Institutional investors own 76.04% of the company’s stock.
HP Stock Down 1.6 %
Shares of HPQ traded down $0.46 during mid-day trading on Monday, reaching $29.04. 6,105,354 shares of the stock traded hands, compared to its average volume of 7,083,095. The firm has a market cap of $28.70 billion, a price-to-earnings ratio of 8.83, a P/E/G ratio of 1.75 and a beta of 1.05. The stock has a fifty day simple moving average of $27.11 and a 200 day simple moving average of $29.48. HP has a 12-month low of $25.22 and a 12-month high of $33.90.
HP (NYSE:HPQ – Get Free Report) last issued its quarterly earnings results on Tuesday, November 21st. The computer maker reported $0.90 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.90. The business had revenue of $13.82 billion during the quarter, compared to analyst estimates of $13.79 billion. HP had a net margin of 6.13% and a negative return on equity of 138.83%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 earnings per share. On average, equities research analysts expect that HP will post 3.43 earnings per share for the current fiscal year.
HP Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 13th will be paid a $0.2756 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Tuesday, December 12th. This is a positive change from HP’s previous quarterly dividend of $0.26. HP’s payout ratio is 31.91%.
About HP (Get Free Report)
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
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