Zacks Reiterates Neutral Rating for The Home Depot (HD)
The Home Depot (NYSE:HD)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Thursday. They currently have a $84.00 price objective on the stock. Zacks‘s price objective would indicate a potential upside of 7.10% from the company’s current price.
Zacks’ analyst wrote, “Despite a slow start to the spring selling season, Home Depot posted sturdy results for first quarter fiscal 2014. Following the strong performance, management reiterated its sales guidance and raised its earnings forecast for fiscal 2014. We expect Home Depot’s focus on developing merchandising tools and increasing investment in e-Commerce to boost its top line and increase market share. Moreover, we believe that the company is on track to achieve its long-term dividend payout, share repurchase, and return on investment targets. However, we remain slightly cautious about the stock due to a soft economic recovery impacting discretionary spending and intense competition from specialty stores and mass retailers. Therefore, we retain our long-term Neutral recommendation on the stock.”
Shares of The Home Depot (NYSE:HD) traded down 1.73% during mid-day trading on Thursday, hitting $78.43. The stock had a trading volume of 7,644,311 shares. The Home Depot has a 1-year low of $72.21 and a 1-year high of $83.20. The stock’s 50-day moving average is $78.9 and its 200-day moving average is $79.24. The company has a market cap of $107.3 billion and a price-to-earnings ratio of 20.29.
The Home Depot (NYSE:HD) last issued its earnings data on Tuesday, May 20th. The company reported $1.00 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.99 by $0.01. The company had revenue of $19.70 billion for the quarter, compared to the consensus estimate of $19.96 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts predict that The Home Depot will post $4.42 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, June 19th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Tuesday, June 3rd.
A number of other analysts have also recently weighed in on HD. Analysts at Goldman Sachs raised their price target on shares of The Home Depot to $93.00 in a research note on Wednesday. Separately, analysts at RBC Capital raised their price target on shares of The Home Depot from $96.00 to $97.00 in a research note on Wednesday, May 21st. They now have an “outperform” rating on the stock. Finally, analysts at BMO Capital Markets upgraded shares of The Home Depot from a “market perform” rating to an “outperform” rating in a research note on Friday, May 16th. They now have a $90.00 price target on the stock, up previously from $82.00. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $88.25.
The Home Depot, Inc (NYSE:HD) is a home improvement retailer.
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