Hewlett Packard Enterprise (NYSE:HPE) to Repurchase $5.00 billion in Outstanding Shares

Hewlett Packard Enterprise (NYSE:HPE) announced that its Board of Directors has approved a share repurchase program, which authorizes the company to buyback $5.00 billion in outstanding shares on Wednesday, October 18th, EventVestor reports. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Shares of Hewlett Packard Enterprise (NYSE:HPE) traded up 0.21% during mid-day trading on Friday, reaching $14.28. 7,034,055 shares of the company’s stock traded hands. The company has a market cap of $23.13 billion, a price-to-earnings ratio of 198.33 and a beta of 2.71. The company has a 50 day moving average of $14.23 and a 200 day moving average of $13.89. Hewlett Packard Enterprise has a 12 month low of $12.51 and a 12 month high of $15.12.

Hewlett Packard Enterprise (NYSE:HPE) last posted its quarterly earnings results on Tuesday, September 5th. The technology company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.04. Hewlett Packard Enterprise had a return on equity of 9.04% and a net margin of 0.29%. The firm had revenue of $8.21 billion during the quarter, compared to analysts’ expectations of $7.49 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The company’s revenue was up 2.5% on a year-over-year basis. Analysts expect that Hewlett Packard Enterprise will post $1.38 earnings per share for the current fiscal year.

A number of equities research analysts have commented on HPE shares. Deutsche Bank AG decreased their price objective on shares of Hewlett Packard Enterprise from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, September 6th. Royal Bank Of Canada reissued a “sector perform” rating and set a $15.00 price objective (down previously from $20.00) on shares of Hewlett Packard Enterprise in a report on Friday, September 1st. BidaskClub lowered shares of Hewlett Packard Enterprise from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. ValuEngine raised shares of Hewlett Packard Enterprise from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Zacks Investment Research lowered shares of Hewlett Packard Enterprise from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Three equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Hewlett Packard Enterprise currently has a consensus rating of “Hold” and an average price target of $17.79.

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In related news, EVP Henry Gomez sold 494,360 shares of the company’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $14.87, for a total transaction of $7,351,133.20. Following the completion of the sale, the executive vice president now owns 494,360 shares in the company, valued at $7,351,133.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Margaret C. Whitman sold 138,401 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $17.45, for a total value of $2,415,097.45. Following the sale, the chief executive officer now owns 896,720 shares of the company’s stock, valued at approximately $15,647,764. The disclosure for this sale can be found here. Insiders sold 3,265,866 shares of company stock valued at $49,009,446 in the last 90 days. Company insiders own 0.87% of the company’s stock.

About Hewlett Packard Enterprise

Hewlett Packard Enterprise Company is a provider of technology solutions. The Company’s segments include: Enterprise Group, Software, Financial Services and Corporate Investments. The Enterprise Group segment provides its customers with the technology infrastructure they need to optimize traditional information technology (IT).

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