Inverness Counsel LLC NY lessened its position in shares of The Home Depot, Inc. (NYSE:HD) by 15.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,988 shares of the home improvement retailer’s stock after selling 1,429 shares during the quarter. Inverness Counsel LLC NY’s holdings in The Home Depot were worth $2,547,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of HD. Factorial Partners LLC raised its position in shares of The Home Depot by 112,672.9% during the first quarter. Factorial Partners LLC now owns 4,059,825 shares of the home improvement retailer’s stock worth $13,300,000 after purchasing an additional 4,056,225 shares during the period. Capital International Investors grew its holdings in shares of The Home Depot by 117.9% during the first quarter. Capital International Investors now owns 2,738,001 shares of the home improvement retailer’s stock worth $835,775,000 after buying an additional 1,481,366 shares in the last quarter. Bank of New York Mellon Corp grew its stake in The Home Depot by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 12,190,230 shares of the home improvement retailer’s stock valued at $3,721,069,000 after purchasing an additional 1,272,539 shares in the last quarter. Mn Services Vermogensbeheer B.V. bought a new position in The Home Depot in the second quarter valued at approximately $197,167,000. Finally, Franklin Resources Inc. lifted its position in shares of The Home Depot by 49.5% in the first quarter. Franklin Resources Inc. now owns 1,979,376 shares of the home improvement retailer’s stock valued at $604,204,000 after buying an additional 654,949 shares during the last quarter. 68.97% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have weighed in on HD shares. Morgan Stanley lifted their price objective on The Home Depot from $340.00 to $345.00 and gave the company an “overweight” rating in a report on Monday, May 24th. DA Davidson restated a “neutral” rating on shares of The Home Depot in a research report on Wednesday, August 18th. Zacks Investment Research lowered The Home Depot from a “strong-buy” rating to a “hold” rating and set a $338.00 price objective on the stock. in a research report on Tuesday, July 20th. Raymond James upped their price target on The Home Depot from $350.00 to $360.00 and gave the company an “outperform” rating in a research report on Monday, August 16th. Finally, Piper Sandler upped their price target on The Home Depot from $290.00 to $310.00 and gave the company a “neutral” rating in a research report on Wednesday, May 19th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, The Home Depot has a consensus rating of “Buy” and an average target price of $339.52.
The Home Depot stock traded down $1.79 during mid-day trading on Wednesday, hitting $331.33. The stock had a trading volume of 40,022 shares, compared to its average volume of 3,967,680. The firm has a market capitalization of $349.67 billion, a P/E ratio of 23.43, a P/E/G ratio of 2.00 and a beta of 1.02. The company has a current ratio of 1.06, a quick ratio of 0.35 and a debt-to-equity ratio of 16.31. The firm’s 50 day moving average is $327.20 and its 200 day moving average is $314.96. The Home Depot, Inc. has a one year low of $246.59 and a one year high of $345.69.
The Home Depot (NYSE:HD) last announced its quarterly earnings results on Monday, August 16th. The home improvement retailer reported $4.53 EPS for the quarter, topping the consensus estimate of $4.43 by $0.10. The business had revenue of $41.12 billion for the quarter, compared to analysts’ expectations of $40.74 billion. The Home Depot had a net margin of 10.55% and a return on equity of 709.19%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.02 EPS. As a group, equities research analysts forecast that The Home Depot, Inc. will post 14.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 16th. Shareholders of record on Thursday, September 2nd will be paid a $1.65 dividend. The ex-dividend date of this dividend is Wednesday, September 1st. This represents a $6.60 dividend on an annualized basis and a yield of 1.99%. The Home Depot’s dividend payout ratio is currently 54.86%.
The Home Depot declared that its board has initiated a share buyback program on Thursday, May 20th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the home improvement retailer to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
About The Home Depot
The Home Depot, Inc engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products and decor products. The firm operates through the following geographical segments: U.S., Canada and Mexico. It offers home improvement installation services, and tool and equipment rental.
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