HP Inc. (NYSE:HPQ – Get Rating) announced a quarterly dividend on Tuesday, June 21st, RTT News reports. Shareholders of record on Wednesday, September 14th will be given a dividend of 0.25 per share by the computer maker on Wednesday, October 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.92%.
HP has raised its dividend by an average of 12.9% per year over the last three years and has increased its dividend every year for the last 13 years. HP has a dividend payout ratio of 22.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect HP to earn $4.42 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 22.6%.
HPQ stock opened at $34.29 on Wednesday. The business’s fifty day simple moving average is $36.97 and its two-hundred day simple moving average is $36.97. HP has a twelve month low of $26.11 and a twelve month high of $41.47. The firm has a market cap of $35.46 billion, a price-to-earnings ratio of 6.17, a PEG ratio of 1.95 and a beta of 0.92.
In related news, CEO Enrique Lores sold 34,000 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $36.27, for a total transaction of $1,233,180.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Marie Myers sold 6,219 shares of the business’s stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $38.95, for a total value of $242,230.05. Following the sale, the chief financial officer now owns 22,500 shares of the company’s stock, valued at $876,375. The disclosure for this sale can be found here. Insiders sold 69,857 shares of company stock valued at $2,574,733 over the last 90 days. Company insiders own 0.22% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Certified Advisory Corp purchased a new stake in shares of HP during the first quarter worth approximately $26,000. Carroll Investors Inc acquired a new position in HP during the fourth quarter worth $26,000. First Community Trust NA acquired a new position in HP during the fourth quarter worth $39,000. Zullo Investment Group Inc. acquired a new position in HP during the fourth quarter worth $58,000. Finally, Covestor Ltd boosted its stake in HP by 176.4% during the first quarter. Covestor Ltd now owns 1,730 shares of the computer maker’s stock worth $63,000 after buying an additional 1,104 shares during the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.
Several equities analysts have recently commented on HPQ shares. Barclays raised their price target on HP from $29.00 to $32.00 and gave the company an “underweight” rating in a research note on Wednesday, June 1st. Morgan Stanley lowered HP from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $34.00 to $31.00 in a research note on Thursday, March 31st. StockNews.com lowered HP from a “buy” rating to a “hold” rating in a research note on Friday, June 3rd. JPMorgan Chase & Co. cut their target price on HP from $41.00 to $39.00 in a research note on Wednesday, May 25th. Finally, Evercore ISI reissued a “buy” rating and issued a $42.00 price target on shares of HP in a report on Friday, February 25th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $36.92.
About HP (Get Rating)
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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