The Vanguard Group, Inc. recently announced the acquisition of new stake in HP Inc (NYSE:HPQ). The institutional investor has increased its shareholding in the Technology company by 12.76% to 113.65 million shares with purchase of 12.86 million shares. This fresh investment now brings its stake to 11.50% valued currently at $2.99 billion. In addition, Geode Capital Management LLC raised its holdings by 0.29 million to 19.61 million shares.
With over 8.42 million HP Inc (HPQ) shares trading Monday and a closing price of $27.99 on the day, the dollar volume was approximately $235.64 million. The shares have shown a negative half year performance of -8.86% and its price on 11/20/23 lost nearly -1.13%. Currently, there are 988.27M common shares owned by the public and among those 986.39M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for HPQ have a consensus price objective of $30.05. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $23.00. The average price target is 6.86% above its recent price level and a downside to the estimated low will see the stock lose -21.7% over that period. But an upside of 20.03% will see the stock hit the forecast high price target while median target price for the stock is $30.00.
Insiders at the company have transacted a total of 80 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 1,748,456 shares. Insider sales of the common stock occurred on 53 occasions, with total insider shares sold totaling 24,453,168 shares.
The top 3 mutual fund holders in HP Inc are Vanguard Total Stock Market ETF, Dodge & Cox Stock Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 27.76 million shares of the company’s stock, all valued at over $730.83 million. The company bought an additional 0.14 million shares recently to bring their total holdings to about 2.81% of the shares outstanding. Dodge & Cox Stock Fund sold -1.56 million shares to see its total holdings shrink to 26.32 million shares valued at over $692.9 million and representing 2.66% of the shares outstanding. Vanguard 500 Index Fund bought 92036.0 shares to bring its total holdings to over 20.94 million shares at a value of $551.46 million. Vanguard 500 Index Fund now owns shares totaling to 2.12% of the shares outstanding.
Shares of HP Inc (NYSE: HPQ) opened at $28.08, down -$0.23 from a prior closing price of $28.31. However, the script later moved the day high at 28.25, down -1.13%. The company’s stock has a 5-day price change of 0.76% and -9.77% over the past three months. HPQ shares are trading 4.17% year to date (YTD), with the 12-month market performance down to -4.89% lower. It has a 12-month low price of $25.22 and touched a high of $33.90 over the same period. HPQ has an average intraday trading volume of 8.11 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.50%, 4.18%, and -4.89% respectively.
Institutional ownership of HP Inc (NYSE: HPQ) shares accounts for 79.35% of the company’s 988.27M shares outstanding. Mutual fund holders own 39.89%, while other institutional holders and individual stakeholders account for 40.19% and 10.40% respectively.
It has a market capitalization of $27.66B and a beta (3y monthly) value of 1.06. The stock’s trailing 12-month PE ratio is 12.46, while the earnings-per-share (ttm) stands at $2.25. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.64% over the week and 1.64% over the month.
Analysts forecast that HP Inc (HPQ) will achieve an EPS of $0.83 for the current quarter, $0.78 for the next quarter and $3.16 for 2024. The lowest estimate earnings-per-share for the quarter is $0.8 while analysts give the company a high EPS estimate of $0.85. Comparatively, EPS for the current quarter was $0.85 a year ago. Earnings per share for the fiscal year are expected to decrease by -19.36%, and 7.87% over the next financial year. EPS should shrink at an annualized rate of -2.84% over the next five years, compared to 15.05% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 18 brokerage firm advisors rate HP Inc (HPQ) as a “Moderate Buy” at a consensus score of 2.61. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 10 of the 18 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the HPQ, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on November 13, 2023, with the firm’s price target at $31-$33.
