Home Depot (NYSE:HD) Stock Price Up 1.2% on Analyst Upgrade

The Home Depot, Inc. (NYSE:HD) shares traded up 1.2% on Tuesday after Truist Financial raised their price target on the stock from $395.00 to $455.00. Truist Financial currently has a buy rating on the stock. Home Depot traded as high as $421.56 and last traded at $420.24. 640,447 shares traded hands during trading, a decline of 81% from the average session volume of 3,369,126 shares. The stock had previously closed at $415.42.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Home Depot from $377.00 to $400.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Melius Research assumed coverage on shares of Home Depot in a research note on Monday, September 23rd. They issued a “buy” rating and a $420.00 target price for the company. Guggenheim raised their target price on shares of Home Depot from $390.00 to $450.00 and gave the company a “buy” rating in a research note on Friday, October 4th. UBS Group raised their target price on shares of Home Depot from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Piper Sandler raised their target price on shares of Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $404.69.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HD. Fairway Wealth LLC bought a new position in Home Depot in the second quarter valued at about $25,000. Kings Path Partners LLC bought a new position in Home Depot in the second quarter valued at about $33,000. A.P. Gilfoyle & Co. L.P. bought a new position in Home Depot in the first quarter valued at about $38,000. Denver PWM LLC bought a new position in Home Depot in the second quarter valued at about $40,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Home Depot in the second quarter valued at about $47,000. Institutional investors and hedge funds own 70.86% of the company’s stock.

Home Depot Stock Performance

The company has a debt-to-equity ratio of 11.74, a current ratio of 1.15 and a quick ratio of 0.33. The stock has a 50-day simple moving average of $380.90 and a 200-day simple moving average of $357.37. The stock has a market cap of $412.35 billion, a P/E ratio of 27.89, a PEG ratio of 2.88 and a beta of 1.00.

Home Depot (NYSE:HD) last released its quarterly earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, topping the consensus estimate of $4.59 by $0.08. The company had revenue of $43.18 billion for the quarter, compared to analysts’ expectations of $42.57 billion. Home Depot had a return on equity of 681.27% and a net margin of 9.71%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.65 earnings per share. Research analysts forecast that The Home Depot, Inc. will post 15.01 earnings per share for the current year.

Home Depot Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were issued a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Thursday, August 29th. Home Depot’s dividend payout ratio (DPR) is currently 60.36%.

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.