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 $3.33 billion. In addition, Geode Capital Management LLC raised its holdings by 0.29 million to 19.61 million shares.
With over 8.59 million HP Inc (HPQ) shares trading Tuesday and a closing price of $29.83 on the day, the dollar volume was approximately $256.11 million. The shares have shown a negative half year performance of -2.99% and its price on 01/02/24 lost nearly -0.86%. Currently, there are 989.00M common shares owned by the public and among those 988.63M 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: 19 analysts who have offered their price forecasts for HPQ have a consensus price objective of $30.98. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $22.00. The average price target is 3.71% above its recent price level and a downside to the estimated low will see the stock lose -35.59% over that period. But an upside of 25.43% 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 56 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 524,832 shares. Insider sales of the common stock occurred on 37 occasions, with total insider shares sold totaling 23,586,696 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 27.79 million shares of the company’s stock, all valued at over $815.35 million. The company bought an additional 33339.0 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 $772.11 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 $614.5 million. Vanguard 500 Index Fund now owns shares totaling to 2.12% of the shares outstanding.
Shares of HP Inc (NYSE: HPQ) opened at $29.82, down -$0.27 from a prior closing price of $30.09. However, the script later moved the day high at 30.07, down -0.86%. The company’s stock has a 5-day price change of -1.16% and 16.21% over the past three months. HPQ shares are trading -0.86% year to date (YTD), with the 12-month market performance up to 10.32% higher. 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 8.50 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 -0.37%, 4.97%, and 1.17% respectively.
Institutional ownership of HP Inc (NYSE: HPQ) shares accounts for 74.44% of the company’s 989.00M shares outstanding. Mutual fund holders own 35.37%, while other institutional holders and individual stakeholders account for 39.76% and 10.45% respectively.
It has a market capitalization of $29.56B and a beta (3y monthly) value of 1.06. The stock’s trailing 12-month PE ratio is 9.06, while the earnings-per-share (ttm) stands at $3.29. The company has a PEG of 1.17 and a Quick Ratio of 0.45. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.21% over the week and 1.73% over the month.
Analysts forecast that HP Inc (HPQ) will achieve an EPS of $0.81 for the current quarter, $0.81 for the next quarter and $3.66 for 2025. The lowest estimate earnings-per-share for the quarter is $0.74 while analysts give the company a high EPS estimate of $0.84. Comparatively, EPS for the current quarter was $0.75 a year ago. Earnings per share for the fiscal year are expected to increase by 5.12%, and 7.04% over the next financial year. EPS should grow at an annualized rate of 7.73% over the next five years, compared to 0.02% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate HP Inc (HPQ) as a “Moderate Buy” at a consensus score of 2.42. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 10 of the 19 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the HPQ, a number of firms have released research notes about the stock. Morgan Stanley stated their Overweight rating for the stock in a research note on December 12, 2023, with the firm’s price target at $31-$35.
