HP (NYSE:HPQ) Announces Earnings Results, Beats Estimates By $0.01 EPS

HP (NYSE:HPQGet Rating) announced its quarterly earnings results on Tuesday. The computer maker reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01, RTT News reports. The company had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $14.68 billion. HP had a net margin of 9.72% and a negative return on equity of 220.16%. HP’s revenue was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 EPS.

HP Trading Up 0.8 %

HP stock traded up $0.22 during midday trading on Tuesday, hitting $29.38. The stock had a trading volume of 13,828,928 shares, compared to its average volume of 11,234,577. The firm’s fifty day moving average is $27.02 and its two-hundred day moving average is $31.33. The company has a market capitalization of $29.55 billion, a PE ratio of 5.14, a P/E/G ratio of 3.03 and a beta of 0.99. HP has a 52-week low of $24.08 and a 52-week high of $41.47.

HP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 3.57%. This is a positive change from HP’s previous quarterly dividend of $0.25. HP’s dividend payout ratio is currently 17.48%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HPQ. Sanford C. Bernstein dropped their price target on shares of HP from $40.00 to $30.00 in a research note on Tuesday, September 20th. Wells Fargo & Company decreased their target price on HP from $30.00 to $25.00 and set an “underweight” rating for the company in a research report on Wednesday, August 31st. Bank of America decreased their target price on HP from $30.00 to $27.00 and set an “underperform” rating for the company in a research report on Friday. Morgan Stanley decreased their target price on HP from $28.00 to $24.00 and set an “underweight” rating for the company in a research report on Monday, October 17th. Finally, StockNews.com initiated coverage on HP in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, HP currently has a consensus rating of “Hold” and a consensus target price of $29.93.

Insider Buying and Selling

In related news, CEO Enrique Lores sold 34,000 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $25.23, for a total value of $857,820.00. Following the completion of the sale, the chief executive officer now directly owns 517,204 shares of the company’s stock, valued at approximately $13,049,056.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On HP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HPQ. B. Riley Wealth Advisors Inc. boosted its stake in HP by 6.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 15,057 shares of the computer maker’s stock worth $376,000 after purchasing an additional 879 shares during the period. M&T Bank Corp boosted its stake in HP by 2.3% in the 3rd quarter. M&T Bank Corp now owns 179,870 shares of the computer maker’s stock worth $4,484,000 after purchasing an additional 3,970 shares during the period. CIBC Private Wealth Group LLC boosted its stake in HP by 4.4% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 47,978 shares of the computer maker’s stock worth $1,195,000 after purchasing an additional 2,010 shares during the period. Prelude Capital Management LLC bought a new position in HP in the 3rd quarter worth approximately $237,000. Finally, First Republic Investment Management Inc. boosted its stake in HP by 58.7% in the 2nd quarter. First Republic Investment Management Inc. now owns 235,899 shares of the computer maker’s stock worth $7,733,000 after purchasing an additional 87,221 shares during the period. 81.17% of the stock is owned by hedge funds and other institutional investors.

About HP

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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.

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Earnings History for HP (NYSE:HPQ)

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