HP Inc.

HP Inc. is the personal-computing and printing business that emerged from the 2015 split of Hewlett-Packard, selling laptops, desktops, printers and the consumables that go with them. Printing supplies provide a recurring, high-margin revenue stream, while the PC unit is larger but more cyclical and exposed to consumer and commercial refresh cycles. HP has a long dividend history and has raised the payout steadily, backed by dependable cash flow and complemented by substantial share buybacks. The yield is reasonably attractive for a technology hardware name, giving it a solid income profile. The main caveat is structural pressure on print volumes and PC demand, which tempers the growth outlook but leaves the current payout well covered.