Home Depot (NYSE:HD) Trading Up 2.3% on Analyst Upgrade

The Home Depot, Inc. (NYSE:HD) shares shot up 2.3% during trading on Thursday after Truist Financial raised their price target on the stock from $455.00 to $459.00. Truist Financial currently has a buy rating on the stock. Home Depot traded as high as $397.52 and last traded at $397.43. 744,519 shares were traded during trading, a decline of 78% from the average session volume of 3,353,199 shares. The stock had previously closed at $388.37.

A number of other brokerages have also weighed in on HD. Piper Sandler raised their price objective on Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. TD Cowen lifted their price target on shares of Home Depot from $440.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Daiwa America upgraded shares of Home Depot to a “hold” rating in a research note on Thursday, August 15th. Wells Fargo & Company boosted their target price on shares of Home Depot from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Evercore ISI reduced their price target on shares of Home Depot from $415.00 to $400.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $416.52.

Institutional Trading of Home Depot

Several hedge funds and other institutional investors have recently modified their holdings of the company. Abacus Wealth Partners LLC boosted its position in Home Depot by 3.7% during the 3rd quarter. Abacus Wealth Partners LLC now owns 704 shares of the home improvement retailer’s stock worth $285,000 after buying an additional 25 shares during the period. Redhawk Wealth Advisors Inc. lifted its holdings in shares of Home Depot by 0.7% during the third quarter. Redhawk Wealth Advisors Inc. now owns 3,624 shares of the home improvement retailer’s stock worth $1,469,000 after purchasing an additional 25 shares during the period. Capital City Trust Co. FL grew its stake in shares of Home Depot by 1.1% in the third quarter. Capital City Trust Co. FL now owns 2,494 shares of the home improvement retailer’s stock worth $1,011,000 after purchasing an additional 26 shares during the last quarter. Ruedi Wealth Management Inc. increased its holdings in Home Depot by 1.2% in the second quarter. Ruedi Wealth Management Inc. now owns 2,372 shares of the home improvement retailer’s stock valued at $817,000 after purchasing an additional 27 shares during the period. Finally, Acorn Creek Capital LLC raised its position in Home Depot by 3.4% during the 2nd quarter. Acorn Creek Capital LLC now owns 845 shares of the home improvement retailer’s stock worth $291,000 after purchasing an additional 28 shares during the last quarter. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Home Depot Price Performance

The company has a fifty day simple moving average of $393.80 and a 200 day simple moving average of $363.10. The stock has a market capitalization of $396.73 billion, a price-to-earnings ratio of 26.86, a P/E/G ratio of 2.74 and a beta of 1.01. The company has a debt-to-equity ratio of 11.74, a quick ratio of 0.33 and a current ratio of 1.15.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.59 by $0.08. Home Depot had a net margin of 9.71% and a return on equity of 733.61%. The firm had revenue of $43.18 billion for the quarter, compared to the consensus estimate of $42.57 billion. During the same quarter in the previous year, the company earned $4.65 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts forecast that The Home Depot, Inc. will post 15.01 EPS for the current fiscal year.

Home Depot Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Thursday, August 29th. Home Depot’s payout ratio is 60.57%.

Home Depot Company Profile

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.