JPMorgan Chase & Co. Issues Pessimistic Forecast for HP (NYSE:HPQ) Stock Price

HP (NYSE:HPQ - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $40.00 to $29.00 in a research report report published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the computer maker's stock.

HPQ has been the topic of several other reports. StockNews.com cut shares of HP from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Barclays lifted their target price on HP from $35.00 to $36.00 and gave the company an "equal weight" rating in a research note on Friday, February 28th. Loop Capital cut their price target on HP from $35.00 to $30.00 and set a "hold" rating on the stock in a research note on Tuesday, March 4th. TD Cowen dropped their price objective on HP from $39.00 to $38.00 and set a "hold" rating for the company in a report on Friday, February 28th. Finally, Citigroup lowered their price target on shares of HP from $36.50 to $25.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $34.00.

HP Stock Performance

Shares of NYSE HPQ traded up $0.13 during mid-day trading on Thursday, hitting $23.88. 2,304,078 shares of the stock were exchanged, compared to its average volume of 7,842,028. The company has a market cap of $22.51 billion, a P/E ratio of 8.48, a PEG ratio of 2.96 and a beta of 1.09. HP has a twelve month low of $21.21 and a twelve month high of $39.80. The stock's fifty day simple moving average is $28.38 and its two-hundred day simple moving average is $32.62.

HP (NYSE:HPQ - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The computer maker reported $0.74 EPS for the quarter, hitting analysts' consensus estimates of $0.74. HP had a negative return on equity of 253.39% and a net margin of 5.18%. The company had revenue of $13.50 billion for the quarter, compared to analyst estimates of $13.35 billion. As a group, equities research analysts predict that HP will post 3.56 earnings per share for the current fiscal year.

HP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 12th were given a dividend of $0.2894 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.85%. The ex-dividend date was Wednesday, March 12th. HP's dividend payout ratio is 41.37%.

Insider Activity at HP

In other news, insider Stephanie Liebman sold 15,646 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $29.00, for a total value of $453,734.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Anneliese Olson sold 21,545 shares of HP stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $28.49, for a total transaction of $613,817.05. Following the completion of the sale, the insider now owns 169 shares in the company, valued at $4,814.81. The trade was a 99.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HP

Several hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in HP in the fourth quarter valued at approximately $229,320,000. KBC Group NV increased its holdings in HP by 145.1% during the fourth quarter. KBC Group NV now owns 3,555,989 shares of the computer maker's stock worth $116,031,000 after buying an additional 2,105,104 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in HP during the fourth quarter worth $65,260,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in HP in the fourth quarter valued at $63,612,000. Finally, Northern Trust Corp lifted its stake in HP by 15.8% in the fourth quarter. Northern Trust Corp now owns 12,844,795 shares of the computer maker's stock valued at $419,126,000 after acquiring an additional 1,755,942 shares during the last quarter. Institutional investors own 77.53% of the company's stock.

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.