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Investors focused on the Computer and Technology space have likely heard of HP (HPQ), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
HP is a member of our Computer and Technology group, which includes 627 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. HPQ is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for HPQ's full-year earnings has moved 22.50% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that HPQ has returned about 21.27% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 2.92% on average. This means that HP is outperforming the sector as a whole this year.
Looking more specifically, HPQ belongs to the Computer - Mini computers industry, a group that includes 4 individual stocks and currently sits at #7 in the Zacks Industry Rank. Stocks in this group have lost about 7.36% so far this year, so HPQ is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to HPQ as it looks to continue its solid performance.
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