HP Inc. (NYSE:HPQ – Get Rating) announced a quarterly dividend on Tuesday, November 22nd, RTT News reports. Shareholders of record on Wednesday, December 14th will be paid a dividend of 0.2625 per share by the computer maker on Wednesday, January 4th. This represents a $1.05 dividend on an annualized basis and a yield of 3.57%. This is a boost from HP’s previous quarterly dividend of $0.25.
HP has increased its dividend by an average of 12.9% annually over the last three years and has raised its dividend every year for the last 12 years. HP has a payout ratio of 27.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect HP to earn $3.56 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 28.1%.
HP Stock Performance
NYSE:HPQ opened at $29.38 on Wednesday. HP has a fifty-two week low of $24.08 and a fifty-two week high of $41.47. The stock has a market capitalization of $29.55 billion, a P/E ratio of 5.14, a P/E/G ratio of 2.99 and a beta of 0.99. The company’s 50-day simple moving average is $27.02 and its 200-day simple moving average is $31.33.
Insider Transactions at HP
In other news, CEO Enrique Lores sold 34,000 shares of the 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 transaction, the chief executive officer now directly owns 517,204 shares of the company’s stock, valued at approximately $13,049,056.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.22% of the stock is currently owned by insiders.
Institutional Trading of HP
Several hedge funds have recently added to or reduced their stakes in HPQ. Certified Advisory Corp acquired a new stake in HP during the 1st quarter worth $26,000. Covestor Ltd raised its holdings in shares of HP by 176.4% during the first quarter. Covestor Ltd now owns 1,730 shares of the computer maker’s stock valued at $63,000 after purchasing an additional 1,104 shares during the period. First Manhattan Co. raised its holdings in shares of HP by 126.6% in the 1st quarter. First Manhattan Co. now owns 2,039 shares of the computer maker’s stock worth $74,000 after acquiring an additional 1,139 shares during the last quarter. Zions Bancorporation N.A. increased its stake in HP by 174.8% in the 1st quarter. Zions Bancorporation N.A. now owns 3,210 shares of the computer maker’s stock valued at $117,000 after buying an additional 2,042 shares during the last quarter. Finally, Wealth Architects LLC bought a new position in HP in the 1st quarter worth approximately $200,000. Institutional investors and hedge funds own 81.17% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the company. Barclays reduced their price target on HP from $27.00 to $24.00 in a research report on Wednesday. Loop Capital cut shares of HP from a “buy” rating to a “hold” rating and cut their price target for the company from $50.00 to $29.00 in a research report on Thursday, September 1st. Citigroup cut their price objective on shares of HP from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, November 18th. Morgan Stanley cut their target price on shares of HP from $28.00 to $24.00 and set an “underweight” rating on the stock in a research note on Monday, October 17th. Finally, Credit Suisse Group cut shares of HP from an “outperform” rating to a “neutral” rating and set a $33.00 target price for the company. in a report on Friday, November 18th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.71.
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.
- Get a free copy of the StockNews.com research report on HP (HPQ)
- After Nixing its 13% Dividend, Is Lumen Technologies Okay To Own?
- The Sell-Side Caps Gains In Dick’s Sporting Goods
- Cisco Systems Hopes Restructuring Cuts Costs to Drive Revenue
- Stock-ing Stuffers: 3 Attractive Stocks Trading Around $10
- Want to Get a 10% Dividend Yield, Look Here
Receive News & Ratings for HP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HP and related companies with MarketBeat.com's FREE daily email newsletter.