The Home Depot Rating Reiterated by Zacks (HD)
The Home Depot (NYSE:HD)‘s stock had its “neutral” rating reissued by Zacks in a report released on Monday. They currently have a $98.00 price target on the stock. Zacks‘s target price indicates a potential upside of 4.81% from the company’s current price.
Zacks’ analyst wrote, “Home Depot posted sturdy results for second quarter fiscal 2014 driven by recovery in its spring season sales as well as strength in its core store activities and in all geographies. Following the strong performance, management raised its earnings forecast for fiscal 2014 but reiterated its sales guidance. 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. Thus, we retain our long-term Neutral recommendation on the stock.”
In other The Home Depot news, CEO Francis S. Blake unloaded 98,000 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $91.33, for a total value of $8,950,340.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of The Home Depot in a research note on Wednesday, August 20th. They now have a $95.00 price target on the stock, up previously from $92.00. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of The Home Depot in a research note on Wednesday, August 20th. They now have a $98.00 price target on the stock, up previously from $85.00. Finally, analysts at Raymond James reiterated an “outperform” rating on shares of The Home Depot in a research note on Wednesday, August 20th. They now have a $91.00 price target on the stock, up previously from $85.50. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $91.40.
Shares of The Home Depot (NYSE:HD) traded up 1.07% during mid-day trading on Monday, hitting $93.50. The stock had a trading volume of 7,673,516 shares. The Home Depot has a 52 week low of $72.21 and a 52 week high of $93.52. The stock has a 50-day moving average of $83.65 and a 200-day moving average of $80.44. The company has a market cap of $125.8 billion and a price-to-earnings ratio of 22.13. The Home Depot also was the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 12,956,387 shares, a drop of 20.3% from the July 31st total of 16,260,267 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily volume of 5,413,132 shares, the days-to-cover ratio is currently 2.4 days.
The Home Depot (NYSE:HD) last announced its earnings results on Tuesday, August 19th. The company reported $1.52 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.45 by $0.07. The company had revenue of $23.80 billion for the quarter, compared to the consensus estimate of $23.61 billion. During the same quarter in the prior year, the company posted $1.24 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, analysts predict that The Home Depot will post $4.50 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 18th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Tuesday, September 2nd.
The Home Depot, Inc (NYSE:HD) is a home improvement retailer.
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