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                                                                    EXHIBIT 23.1
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
    We hereby consent to the incorporation by reference in the Proxy
Statement/Prospectus constituting part of this Registration Statement on Form
S-4 of Hewlett-Packard Company of our report dated November 17, 1997, which
appears on page 54 of Hewlett-Packard Company's 1997 Annual Report to
Shareholders, which is incorporated by reference in its Annual Report on Form
10-K for the year ended October 31, 1997. We also consent to the reference to us
under the heading "Experts" in such Proxy Statement/Prospectus.
 
/s/ Price Waterhouse LLP
 
San Jose, California
February 19, 1998
