Home Depot (NYSE:HD) Hits New 52-Week High Following Analyst Upgrade

The Home Depot, Inc. (NYSE:HD)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Oppenheimer raised their price target on the stock from $345.00 to $400.00. Oppenheimer currently has a market perform rating on the stock. Home Depot traded as high as $398.28 and last traded at $397.08, with a volume of 351081 shares changing hands. The stock had previously closed at $391.96.

Other analysts have also recently issued research reports about the company. Evercore ISI reduced their price objective on Home Depot from $415.00 to $400.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Daiwa America raised shares of Home Depot to a “hold” rating in a research report on Thursday, August 15th. Telsey Advisory Group reissued a “market perform” rating and issued a $360.00 price objective on shares of Home Depot in a report on Thursday, September 12th. Truist Financial reduced their target price on shares of Home Depot from $396.00 to $395.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, Royal Bank of Canada dropped their price target on shares of Home Depot from $377.00 to $363.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $391.88.

Hedge Funds Weigh In On Home Depot

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in Home Depot by 7.2% in the fourth quarter. Capital Research Global Investors now owns 14,765,587 shares of the home improvement retailer’s stock worth $5,117,016,000 after acquiring an additional 992,444 shares in the last quarter. Fisher Asset Management LLC lifted its position in Home Depot by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 8,790,895 shares of the home improvement retailer’s stock worth $3,046,485,000 after buying an additional 184,480 shares during the last quarter. Legal & General Group Plc boosted its stake in Home Depot by 1.2% during the second quarter. Legal & General Group Plc now owns 8,515,343 shares of the home improvement retailer’s stock worth $2,931,328,000 after buying an additional 100,139 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Home Depot by 15.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,437,805 shares of the home improvement retailer’s stock worth $2,853,143,000 after buying an additional 971,833 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Home Depot by 2.5% during the second quarter. Ameriprise Financial Inc. now owns 5,774,083 shares of the home improvement retailer’s stock valued at $1,980,883,000 after acquiring an additional 138,396 shares during the last quarter. 70.86% of the stock is owned by institutional investors.

Home Depot Trading Down 0.9 %

The company’s 50 day moving average price is $366.26 and its two-hundred day moving average price is $354.42. The firm has a market cap of $394.29 billion, a PE ratio of 26.58, a P/E/G ratio of 2.71 and a beta of 1.00. The company has a quick ratio of 0.33, a current ratio of 1.15 and a debt-to-equity ratio of 11.74.

Home Depot (NYSE:HD) last posted its quarterly earnings data on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, topping analysts’ consensus estimates of $4.59 by $0.08. The company had revenue of $43.18 billion for the quarter, compared to analyst estimates of $42.57 billion. Home Depot had a net margin of 9.71% and a return on equity of 681.27%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $4.65 EPS. As a group, sell-side analysts forecast that The Home Depot, Inc. will post 15.01 EPS for the current year.

Home Depot Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were paid a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend was Thursday, August 29th. Home Depot’s dividend payout ratio is currently 60.36%.

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.