For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is HP (HPQ - Free Report) one of those stocks right now? 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 one of 630 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #9 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. HPQ is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for HPQ's full-year earnings has moved 2.25% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that HPQ has returned about 11.95% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 8.96%. This means that HP is performing better than its sector in terms of year-to-date returns.
Breaking things down more, HPQ is a member of the Computer - Mini computers industry, which includes 4 individual companies and currently sits at #102 in the Zacks Industry Rank. Stocks in this group have gained about 11.44% 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.