Home Depot (NYSE:HD) Stock Price Down 0.4% After Analyst Downgrade

The Home Depot, Inc. (NYSE:HD)’s share price fell 0.4% on Tuesday after Piper Sandler lowered their price target on the stock from $435.00 to $418.00. Piper Sandler currently has an overweight rating on the stock. Home Depot traded as low as $360.67 and last traded at $362.29. 615,513 shares were traded during mid-day trading, a decline of 81% from the average session volume of 3,217,302 shares. The stock had previously closed at $363.77.

HD has been the subject of several other reports. JPMorgan Chase & Co. raised their target price on shares of Home Depot from $450.00 to $475.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Telsey Advisory Group reiterated an “outperform” rating and set a $455.00 price objective on shares of Home Depot in a research report on Wednesday, February 26th. Royal Bank of Canada decreased their target price on Home Depot from $431.00 to $424.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company upped their target price on Home Depot from $440.00 to $450.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Guggenheim reissued a “buy” rating and issued a $450.00 price target on shares of Home Depot in a research note on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Home Depot has a consensus rating of “Moderate Buy” and an average price target of $435.85.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. SYM FINANCIAL Corp raised its stake in shares of Home Depot by 17.8% in the 3rd quarter. SYM FINANCIAL Corp now owns 1,917 shares of the home improvement retailer’s stock valued at $777,000 after acquiring an additional 289 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Home Depot by 10.7% during the third quarter. Principal Financial Group Inc. now owns 1,471,223 shares of the home improvement retailer’s stock valued at $596,140,000 after purchasing an additional 141,915 shares during the last quarter. United Bank raised its position in shares of Home Depot by 4.2% in the third quarter. United Bank now owns 4,458 shares of the home improvement retailer’s stock valued at $1,806,000 after purchasing an additional 181 shares during the period. Algert Global LLC acquired a new stake in shares of Home Depot in the third quarter worth $649,000. Finally, Dai ichi Life Insurance Company Ltd boosted its holdings in shares of Home Depot by 3.4% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 69,668 shares of the home improvement retailer’s stock worth $28,229,000 after buying an additional 2,295 shares during the period. Institutional investors own 70.86% of the company’s stock.

Home Depot Stock Down 0.8 %

The firm has a market capitalization of $358.50 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 4.03 and a beta of 1.09. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.31 and a current ratio of 1.13. The business’s 50 day moving average is $392.82 and its 200-day moving average is $399.16.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.09. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The company had revenue of $39.70 billion for the quarter, compared to the consensus estimate of $39.15 billion. During the same period last year, the business posted $2.82 earnings per share. The firm’s revenue was up 14.1% compared to the same quarter last year. Equities analysts anticipate that The Home Depot, Inc. will post 15.13 EPS for the current fiscal year.

Home Depot Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a dividend of $2.30 per share. The ex-dividend date of this dividend is Thursday, March 13th. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.55%. Home Depot’s payout ratio is 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.