HP Inc. (NYSE:HPQ) Declares Quarterly Dividend of $0.26

Posted by Defense World Staff on Jun 12th, 2023

HP Inc. (NYSE:HPQ – Get Rating) announced a quarterly dividend on Monday, May 15th, RTT News reports. Investors of record on Wednesday, June 14th will be given a dividend of 0.2625 per share by the computer maker on Wednesday, July 5th. This represents a $1.05 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Tuesday, June 13th.

HP has increased its dividend by an average of 15.5% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. HP has a payout ratio of 29.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect HP to earn $3.56 per share next year, which means the company should continue to be able to cover its $1.05 annual dividend with an expected future payout ratio of 29.5%.

HP Price Performance

Shares of HPQ stock traded up $0.57 on Monday, hitting $30.37. The stock had a trading volume of 3,048,315 shares, compared to its average volume of 6,510,852. HP has a 1 year low of $24.08 and a 1 year high of $35.75. The firm has a market capitalization of $29.94 billion, a P/E ratio of 11.49, a P/E/G ratio of 3.25 and a beta of 1.00. The company’s 50 day moving average price is $29.95 and its 200-day moving average price is $29.01.

HP (NYSE:HPQ – Get Rating) last released its earnings results on Tuesday, May 30th. The computer maker reported $0.80 EPS for the quarter, topping the consensus estimate of $0.76 by $0.04. The firm had revenue of $12.91 billion during the quarter, compared to analysts’ expectations of $13.07 billion. HP had a negative return on equity of 121.57% and a net margin of 4.75%. HP’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.08 EPS. On average, equities analysts forecast that HP will post 3.35 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Bank of America upped their price objective on HP from $26.00 to $27.00 in a research report on Wednesday, May 31st. The Goldman Sachs Group assumed coverage on HP in a research report on Monday, March 20th. They set a “neutral” rating and a $26.00 price objective for the company. 58.com reaffirmed a “maintains” rating on shares of HP in a research report on Wednesday, May 31st. TheStreet cut HP from a “b-” rating to a “c+” rating in a research report on Tuesday, February 28th. Finally, StockNews.com raised HP from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $29.81.

Insider Activity

In related news, CFO Marie Myers sold 4,165 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $29.34, for a total value of $122,201.10. Following the completion of the transaction, the chief financial officer now directly owns 43,106 shares of the company’s stock, valued at approximately $1,264,730.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Marie Myers sold 4,165 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $29.34, for a total value of $122,201.10. Following the completion of the transaction, the chief financial officer now directly owns 43,106 shares of the company’s stock, valued at approximately $1,264,730.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Enrique Lores sold 38,000 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $29.51, for a total value of $1,121,380.00. Following the completion of the transaction, the chief executive officer now directly owns 766,268 shares of the company’s stock, valued at $22,612,568.68. The disclosure for this sale can be found here. Insiders sold 50,495 shares of company stock valued at $1,490,024 in the last three months. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HP

A number of institutional investors have recently made changes to their positions in the stock. MidWestOne Financial Group Inc. acquired a new position in HP in the first quarter valued at $209,000. WealthPLAN Partners LLC acquired a new position in HP in the fourth quarter valued at $203,000. Wealth Architects LLC acquired a new position in HP in the first quarter valued at $200,000. Zions Bancorporation N.A. increased its stake in HP by 174.8% in the first quarter. Zions Bancorporation N.A. now owns 3,210 shares of the computer maker’s stock valued at $117,000 after purchasing an additional 2,042 shares during the last quarter. Finally, Money Concepts Capital Corp increased its stake in HP by 35.5% in the fourth quarter. Money Concepts Capital Corp now owns 3,120 shares of the computer maker’s stock valued at $84,000 after purchasing an additional 817 shares during the last quarter. 79.68% of the stock is owned by institutional investors and hedge funds.

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.