Home Depot (NYSE:HD) Trading 0.7% Higher After Analyst Upgrade

The Home Depot, Inc. (NYSE:HD) shares were up 0.7% on Wednesday after Truist Financial raised their price target on the stock from $391.00 to $393.00. Truist Financial currently has a buy rating on the stock. Home Depot traded as high as $363.30 and last traded at $361.97. Approximately 759,363 shares changed hands during trading, a decline of 78% from the average daily volume of 3,439,209 shares. The stock had previously closed at $359.38.

A number of other research analysts also recently issued reports on the company. KGI Securities upgraded Home Depot to a “strong-buy” rating in a research note on Monday, March 3rd. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $455.00 target price on shares of Home Depot in a report on Wednesday, February 26th. Morgan Stanley lowered their price objective on shares of Home Depot from $450.00 to $410.00 and set an “overweight” rating on the stock in a research report on Monday. Hsbc Global Res upgraded shares of Home Depot from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. dropped their price target on Home Depot from $470.00 to $410.00 and set an “overweight” rating on the stock in a research report on Tuesday. Ten analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $430.32.

Hedge Funds Weigh In On Home Depot

Several large investors have recently modified their holdings of the stock. K.J. Harrison & Partners Inc lifted its position in Home Depot by 65.2% during the fourth quarter. K.J. Harrison & Partners Inc now owns 9,100 shares of the home improvement retailer’s stock worth $3,535,000 after purchasing an additional 3,590 shares during the period. Ashton Thomas Private Wealth LLC boosted its position in shares of Home Depot by 19.5% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 23,758 shares of the home improvement retailer’s stock worth $9,242,000 after acquiring an additional 3,873 shares in the last quarter. Wedmont Private Capital increased its stake in Home Depot by 12.5% in the fourth quarter. Wedmont Private Capital now owns 13,569 shares of the home improvement retailer’s stock valued at $5,291,000 after acquiring an additional 1,506 shares during the last quarter. Disciplined Investors L.L.C. bought a new stake in Home Depot during the fourth quarter worth $409,000. Finally, Johnson & White Wealth Management LLC bought a new stake in Home Depot during the fourth quarter worth $1,793,000. 70.86% of the stock is owned by institutional investors.

Home Depot Stock Performance

The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65. The company has a market cap of $362.61 billion, a P/E ratio of 24.78, a price-to-earnings-growth ratio of 4.03 and a beta of 1.05. The company has a 50 day moving average price of $358.61 and a 200-day moving average price of $389.10.

Home Depot (NYSE:HD) last issued its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.04 by $0.09. The business had revenue of $39.70 billion during the quarter, compared to analysts’ expectations of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.82 EPS. On average, equities analysts expect that The Home Depot, Inc. will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a dividend of $2.30 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $9.20 annualized dividend and a yield of 2.52%. This is a boost from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio (DPR) is currently 61.66%.

About Home Depot

The Home Depot, Inc operates as a home improvement retailer in the United States and internationally. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.