Market News

HP Rewards Shareholders with 28.2% Dividend Hike

Information technology company HP Inc. (HPQ) has announced a quarterly dividend of $0.25 per share, an increase of about 28.2% from the previous dividend of $0.195. The dividend will be paid on January 5, 2022, to shareholders of record as of December 8, 2021.

Dividend Yield

The company’s annual dividend of $1 per share now reflects a dividend yield of 3.2% based on Tuesday’s closing price.

Notably, the company has been raising its quarterly dividend consistently over the past six years, making it an attractive choice for investors.

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Price Target

Recently, Loop Capital Markets analyst Ananda Baruah reiterated a Buy rating on the stock. The analyst, however, raised the price target from $40 to $50, which implies upside potential of 60.2% from current levels.

According to the analyst, the company’s revenue prospects look favorable for the next year. Additionally increased dividend payments make it an attractive choice for investors.

Consensus among analysts is a Hold based on 2 Buys, 4 Holds and 2 Sells. The average HP price target of $33.13 implies upside potential of 6.2% from current levels. Shares have gained 52.2% over the past year.

TipRanks Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into HP’s performance this quarter.

According to the tool, the company’s website recorded a 14.58% monthly fall in global visits in October. Yet, the website traffic increased 2.76% year-to-date.

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