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

HP (NYSE:HPQ - Free Report) had its target price trimmed by JPMorgan Chase & Co. from $42.00 to $41.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the computer maker's stock.

Other equities analysts also recently issued research reports about the stock. Barclays reduced their target price on shares of HP from $33.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday, August 29th. Citigroup lowered shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 target price for the company. in a research report on Tuesday, October 1st. Bank of America lowered shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 price objective for the company. in a report on Friday, September 27th. Morgan Stanley decreased their target price on shares of HP from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 29th. Finally, Loop Capital reduced their price objective on shares of HP from $37.00 to $35.00 and set a "hold" rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $35.45.

HP Stock Performance

Shares of NYSE:HPQ traded down $0.17 during midday trading on Wednesday, reaching $36.70. The company's stock had a trading volume of 4,928,070 shares, compared to its average volume of 7,726,413. The firm has a market capitalization of $35.36 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 2.51 and a beta of 1.07. The firm has a 50 day moving average price of $36.10 and a two-hundred day moving average price of $35.21. HP has a fifty-two week low of $27.42 and a fifty-two week high of $39.52.

HP (NYSE:HPQ - Get Free Report) last released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.03). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. During the same period last year, the business posted $0.86 earnings per share. The firm's quarterly revenue was up 2.4% on a year-over-year basis. As a group, research analysts anticipate that HP will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has approved a stock buyback program on Wednesday, August 28th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $33.16, for a total value of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On HP

Several institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new stake in HP during the third quarter valued at $25,000. Triad Wealth Partners LLC bought a new stake in shares of HP in the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in HP during the 2nd quarter worth about $34,000. Wolff Wiese Magana LLC grew its holdings in shares of HP by 115.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker's stock valued at $35,000 after acquiring an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in HP during the third quarter worth approximately $37,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

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.