HP (NYSE:HPQ) Announces Quarterly Earnings Results, Meets Expectations

HP (NYSE:HPQ) announced its quarterly earnings data on Tuesday. The computer maker reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93, Briefing.com reports. The firm had revenue of $14.06 billion during the quarter, compared to analysts’ expectations of $13.99 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share.

HP Trading Down 0.6 %

Shares of NYSE:HPQ traded down $0.22 on Tuesday, hitting $39.08. The company had a trading volume of 12,052,757 shares, compared to its average volume of 7,761,361. The company has a market cap of $37.66 billion, a PE ratio of 13.79, a PEG ratio of 2.62 and a beta of 1.07. The business has a 50 day moving average of $36.47 and a 200 day moving average of $35.46. HP has a 52-week low of $27.42 and a 52-week high of $39.79.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on HPQ shares. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut their target price on HP from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Loop Capital decreased their target price on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. UBS Group increased their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Morgan Stanley dropped their price objective 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, HP currently has a consensus rating of “Hold” and an average price target of $35.45.

HP declared that its board has authorized a share buyback program on Wednesday, August 28th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at HP

In related news, CEO Enrique Lores sold 211,501 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. This represents a 100.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by corporate insiders.

About HP

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.