Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
WAYMAN ROBERT PAUL
   2. Issuer Name and Ticker or Trading Symbol
HEWLETT PACKARD CO [HPQ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP and CFO
(Last)
(First)
(Middle)
C/O HEWLETT-PACKARD COMPANY, 3000 HANOVER STREET		 3. Date of Earliest Transaction (Month/Day/Year)
08/17/2006
(Street)

PALO ALTO, CA 94304		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/17/2006   M   150,000 A $ 21.75 317,715.1463 (1) D  
Common Stock 08/21/2006   S   1,900 D $ 34.88 315,815.1463 D  
Common Stock 08/21/2006   S   900 D $ 34.89 314,915.1463 D  
Common Stock 08/21/2006   S   900 D $ 34.91 314,015.1463 D  
Common Stock 08/21/2006   S   2,700 D $ 34.92 311,315.1463 D  
Common Stock 08/21/2006   S   6,600 D $ 34.96 304,715.1463 D  
Common Stock 08/21/2006   S   1,500 D $ 34.97 303,215.1463 D  
Common Stock 08/21/2006   S   500 D $ 34.98 302,715.1463 D  
Common Stock 08/21/2006   S   2,900 D $ 34.99 299,815.1463 D  
Common Stock 08/21/2006   S   2,600 D $ 35 297,215.1463 D  
Common Stock 08/21/2006   S   3,600 D $ 35.01 293,615.1463 D  
Common Stock 08/21/2006   S   4,200 D $ 35.02 289,415.1463 D  
Common Stock 08/21/2006   S   4,100 D $ 35.0239 285,315.1463 D  
Common Stock 08/21/2006   S   3,300 D $ 35.03 282,015.1463 D  
Common Stock 08/21/2006   S   2,200 D $ 35.04 279,815.1463 D  
Common Stock 08/21/2006   S   1,800 D $ 35.05 278,015.1463 D  
Common Stock 08/21/2006   S   1,100 D $ 35.06 276,915.1463 D  
Common Stock 08/21/2006   S   6,300 D $ 35.07 270,615.1463 D  
Common Stock 08/21/2006   S   1,200 D $ 35.08 269,415.1463 D  
Common Stock 08/21/2006   S   700 D $ 35.09 268,715.1463 D  
Common Stock 08/21/2006   S   100 D $ 35.0961 268,615.1463 D  
Common Stock 08/21/2006   S   2,300 D $ 35.1 266,315.1463 D  
Common Stock 08/21/2006   S   100 D $ 35.1006 266,215.1463 D  
Common Stock 08/21/2006   S   2,400 D $ 35.11 263,815.1463 (2) D  
Common Stock               21,093.87 (3) I By 401(k) Plan
Common Stock               95,142 I By Wayman Family Trust
Common Stock               2,820 (4) I By custodial account for son

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 21.75 08/17/2006   M   150,000   01/31/2003(5) 01/31/2012(6) Common Stock 150,000 (7) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WAYMAN ROBERT PAUL
C/O HEWLETT-PACKARD COMPANY
3000 HANOVER STREET
PALO ALTO, CA 94304		   X     EVP and CFO  

Signatures

 /s/Charles N. Charnas, Attorney-in-fact   08/21/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes the acquisition of 19.8265 shares in July 2006, received in lieu of cash through the dividend reinvestment program under the Hewlett-Packard Company Share Ownership Plan, in a transaction exempt under Rule 16b-3.
(2) See attached document for remaining transactions that would not fit on Table 1.
(3) Represents the reporting person's holdings under the Hewlett-Packard Company 401(k) Plan as of July 31, 2006.
(4) Represents shares held in a custodial account by the reporting person's wife for the benefit of their son. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of the securities for the purpose of Section 16 or for any other purposes.
(5) This option became exercisable in four equal annual installments beginning on this date.
(6) This option is no longer exercisable beginning on this date.
(7) Not applicable.

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