HP names Karen Parkhill its new chief of finance

HP Inc (NYSE: HP) is in focus this morning after naming Karen Parkhill its new chief of finance. 

Shares of the tech giant are currently up more than 30% versus their year-to-date low in mid-April. 

Karen Parkhill will join HP in August

Karen Parkhill will assume the role of chief financial officer at HP on August 5th, 2024. Tim Brown will return to his role of head of Print Finance at the same time. 

Brown has been serving the New York listed firm as its interim CFO since late last year. Enrique Lores – the chief executive officer of HP said in a press release today:

Karen’s wealth of experience across finance and leadership in helping to drive growth through innovation make her a tremendous addition to the HP leadership team.

HP stock pays a dividend yield of just over 3.0% at writing. 

Watch here: https://www.youtube.com/embed/fT8TT5Q7OHU?feature=oembed

Who is Karen Parkhill?

Karen Parkhill has most recently served in a similar capacity at Medtronic. She has also been the executive vice president of the medical devices company since 2016. 

Other notable firms that she has been involved with include Comerica Incorporated and JPMorgan. According to HP chief executive Enrique Lores:

Karen is uniquely positioned to drive our financial model and operational rigour. She’ll be pivotal in working across the business to drive growth and create value for our stakeholders.

Wall Street currently has a consensus “overweight” rating on HP stock even though it has significantly outperformed already over the past two months. 

Should you buy HP stock in June 2024?

Karen Parkhill also has representation on the board of American Express. In a press release this morning, she said:

HP’s transformation over the past eight years has been extraordinary and I look forward to working with a stellar team of professionals to advance the shared goal of creating long-term sustainable growth.

The news arrives about a month after HPQ reported its financial results for the second quarter that topped Street estimates. That made analysts at Morgan Stanley reiterate their “overweight” rating on HP stock and raise their price target to $37 that it has already touched. 

The investment firm sees HP shares as worth owning as they are well positioned to benefit from a continued recovery in the PC market. Still, International Assets Investment Management trimmed its stake in HP Inc by a whopping 79% in the first quarter, as per its filing with the U.S. SEC today. 

The firm sold 34,967 shares of HP in total but still owns more than 9,000 of them at writing. Legendary investor Warren Buffett also trimmed his stake in HP stock last year.

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