JPMorgan Chase & Co. Cuts HP (NYSE:HPQ) Price Target to $41.00

HP (NYSE:HPQ) had its price objective trimmed by JPMorgan Chase & Co. from $42.00 to $41.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the computer maker’s stock.

HPQ has been the topic of a number of other research reports. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Tuesday, October 1st. Barclays lowered their price target on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a report on Friday, September 27th. Morgan Stanley decreased their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Finally, Loop Capital cut their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, HP currently has an average rating of “Hold” and an average price target of $35.45.

HP Trading Up 0.6 %

NYSE:HPQ opened at $38.13 on Wednesday. HP has a 12-month low of $27.42 and a 12-month high of $39.52. The firm has a market cap of $36.75 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 2.61 and a beta of 1.07. The company’s 50-day moving average is $36.36 and its two-hundred day moving average is $35.35.

HP (NYSE:HPQ) last issued its quarterly earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.03). The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. On average, equities research analysts forecast that HP will post 3.39 earnings per share for the current fiscal year.

HP declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On HP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in shares of HP during the 3rd quarter valued at $25,000. Triad Wealth Partners LLC bought a new position in HP during the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in HP during the second quarter worth about $34,000. Wolff Wiese Magana LLC raised its position in HP by 115.1% in the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock worth $35,000 after acquiring an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in HP in the third quarter worth about $37,000. Institutional investors own 77.53% of the company’s stock.

HP Company Profile

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.