Citigroup Downgrades HP (NYSE:HPQ) to Neutral

Citigroup cut shares of HP (NYSE:HPQ) from a buy rating to a neutral rating in a research report released on Tuesday morning, BenzingaRatingsTable reports. Citigroup currently has $21.00 target price on the computer maker’s stock, down from their prior target price of $25.00.

Several other analysts also recently commented on the company. Morgan Stanley raised their target price on HP from $22.00 to $23.00 and gave the company an equal weight rating in a research note on Friday, May 24th. Evercore ISI assumed coverage on HP in a research note on Wednesday, June 5th. They issued an outperform rating and a $23.00 target price for the company. JPMorgan Chase & Co. raised their target price on HP from $21.00 to $22.00 and gave the company a neutral rating in a research note on Tuesday, June 25th. Zacks Investment Research upgraded HP from a sell rating to a hold rating in a research note on Tuesday, April 23rd. Finally, Deutsche Bank assumed coverage on HP in a research note on Wednesday, June 19th. They issued a hold rating and a $20.00 target price for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. HP has a consensus rating of Hold and a consensus price target of $22.19.

HPQ stock opened at $17.81 on Tuesday. The stock has a 50-day moving average price of $20.37 and a 200-day moving average price of $20.33. HP has a 1-year low of $17.10 and a 1-year high of $27.08. The firm has a market cap of $28.56 billion, a PE ratio of 8.82, a price-to-earnings-growth ratio of 2.85 and a beta of 1.40.

HP (NYSE:HPQ) last posted its quarterly earnings data on Thursday, August 22nd. The computer maker reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The firm had revenue of $14.60 billion during the quarter, compared to analyst estimates of $14.58 billion. HP had a negative return on equity of 232.81% and a net margin of 6.67%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company posted $0.52 EPS. On average, equities analysts forecast that HP will post 2.17 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Wednesday, September 11th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.64 dividend on an annualized basis and a yield of 3.59%. HP’s dividend payout ratio (DPR) is currently 31.68%.

In other HP news, insider Claire Bramley sold 16,852 shares of HP stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $20.81, for a total transaction of $350,690.12. Following the completion of the transaction, the insider now owns 16,852 shares in the company, valued at approximately $350,690.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dion J. Weisler sold 132,964 shares of HP stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $20.95, for a total value of $2,785,595.80. The disclosure for this sale can be found here. Insiders have sold a total of 213,635 shares of company stock valued at $4,423,266 in the last quarter. Company insiders own 0.25% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its position in shares of HP by 1.6% during the 1st quarter. FMR LLC now owns 20,390,859 shares of the computer maker’s stock worth $396,194,000 after buying an additional 313,469 shares in the last quarter. Inlet Private Wealth LLC lifted its position in shares of HP by 28.0% during the 1st quarter. Inlet Private Wealth LLC now owns 51,216 shares of the computer maker’s stock worth $995,000 after buying an additional 11,216 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of HP by 3.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 89,652 shares of the computer maker’s stock worth $1,742,000 after buying an additional 3,325 shares in the last quarter. Accident Compensation Corp lifted its position in shares of HP by 4.0% during the 1st quarter. Accident Compensation Corp now owns 232,650 shares of the computer maker’s stock worth $4,520,000 after buying an additional 9,000 shares in the last quarter. Finally, First Personal Financial Services lifted its position in shares of HP by 101.9% during the 1st quarter. First Personal Financial Services now owns 1,621 shares of the computer maker’s stock worth $31,000 after buying an additional 818 shares in the last quarter. Institutional investors and hedge funds own 77.16% 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.

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