HP Inc. HPQ Downgraded from Strong-Buy to Buy by StockNews.com

In an assessment released to clients and investors on Thursday, HP Inc. HPQ experienced a downgrade in its stock rating by StockNews.com, moving from a 'strong-buy' to a 'buy.' This change in valuation has garnered attention within investment circles, with various other equity research analysts also publishing their insights on the tech company's performance and outlook.

Ratings and Price Targets from Other Analysts

Among the analysis of HPQ, Morgan Stanley recently adjusted their price target up from $30.00 to $31.00, yet maintained an 'equal weight' rating. In contrast, Barclays cut their price target from $24.00 to $23.00, suggesting an 'underweight' stance. Bank of America showed a more optimistic view, upgrading HPQ from an 'underperform' to a 'buy' rating, with a price target increase from $25.00 to $33.00. Conversely, JPMorgan Chase & Co. slightly reduced their target from $40.00 to $39.00 but still recommend an 'overweight' rating. Deutsche Bank Aktiengesellschaft also scaled back their target from $32.00 to $30.00, with a 'hold' rating. These mixed assessments contribute to an overall 'Hold' consensus on MarketBeat, with an average price expectation sitting at $30.55 for HPQ.

HP's Stock Performance and Insider Transactions

On Thursday, HPQ commenced trading at $27.21, lying close to its 50-day and 200-day moving averages. With a market cap of roughly $26.89 billion, a PE ratio of 11.73, and a beta of 1.04, the company's stock has seen a year low of $25.22 and a peak of $33.90. In terms of financial results, HP posted $0.86 earnings per share for the preceding quarter, aligning with analysts' projections. However, the company witnessed a 9.9% decline in year-over-year quarterly revenue. Insider activity has also been noted, with notable transactions by HP's CFO and CEO, involving significant sales of company shares. Meanwhile, over the past 90 days, insiders have disposed of over 14 million company stock shares, reflecting a considerable volume of insider trading.

Hedge Funds' Stakes in HP

Recent adjustments in HP's stocks also reflect the portfolio strategies of various hedge funds and institutional investors. Entities such as Certified Advisory Corp and Mascoma Wealth Management initiated new positions, while others like Exchange Traded Concepts and Motco significantly increased their holdings in HP. Collectively, hedge funds and institutional investors own 76.04% of the company's stock.

Corporate Profile and Sector Peers

HPQ operates on a global scale, providing a variety of technological products and services to various customer segments. Its segments include Personal Systems and Printing, offering everything from PCs and workstations to related accessories. Meanwhile, other sector peers also reflected activity in their stock ratings and performance. Occidental Petroleum OXY has made a name for itself in hydrocarbon exploration and petrochemical manufacturing. Barclays BCS, known for its financial services in various regions, is based in London. Bank of America BAC, a financial services giant and one of America's Big Four banks. JPMorgan Chase JPM, another major player in the investment banking and financial services sector, and Morgan Stanley MS, representing a strong presence in investment banking from Midtown Manhattan. Lastly, Vertex Pharmaceuticals VRTX, another American enterprise, holds a place in the biopharmaceutical industry based in Boston.

HPQ, OXY, BCS, BAC, JPM, MS, VRTX