HP Inc. Declares Quarterly Dividend of $0.28 (NYSE:HPQ)

HP Inc. (NYSE:HPQ) declared a quarterly dividend on Tuesday, June 11th, RTT News reports. Stockholders of record on Wednesday, September 11th will be paid a dividend of 0.2756 per share by the computer maker on Wednesday, October 2nd. This represents a $1.10 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Wednesday, September 11th.

HP has increased its dividend payment by an average of 13.7% annually over the last three years and has raised its dividend every year for the last 14 years. HP has a dividend payout ratio of 30.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect HP to earn $3.62 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 30.4%.

HP Stock Up 1.1 %

HP stock opened at $34.18 on Tuesday. The firm has a 50-day moving average price of $35.41 and a two-hundred day moving average price of $32.75. HP has a 52-week low of $25.22 and a 52-week high of $39.52. The firm has a market capitalization of $32.94 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.26 and a beta of 1.07.

HP (NYSE:HPQ) last issued its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. Research analysts expect that HP will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at HP

In other HP news, insider Alex Cho sold 173,137 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the sale, the insider now owns 64,676 shares in the company, valued at approximately $2,335,450.36. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. 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 report on Thursday, September 5th. Bank of America increased their price objective on shares of HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Citigroup boosted their target price on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. UBS Group increased their price target on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Finally, TD Cowen boosted their price objective on HP from $30.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, HP currently has an average rating of “Hold” and a consensus target price of $35.55.

HP Company Profile

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.