Home Depot (NYSE:HD) Trading 0.6% Higher – Here’s Why

The Home Depot, Inc. (NYSE:HD) shot up 0.6% on Thursday . The company traded as high as $417.23 and last traded at $416.10. 479,704 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 3,056,243 shares. The stock had previously closed at $413.42.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HD. Truist Financial increased their price objective on Home Depot from $459.00 to $465.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein assumed coverage on shares of Home Depot in a report on Tuesday, October 22nd. They set a “market perform” rating and a $451.00 price target for the company. Morgan Stanley upped their price objective on shares of Home Depot from $380.00 to $450.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Bank of America lifted their target price on shares of Home Depot from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, DA Davidson increased their price target on Home Depot from $430.00 to $466.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $426.00.

Home Depot Stock Performance

The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65. The company has a market capitalization of $411.81 billion, a price-to-earnings ratio of 28.16, a price-to-earnings-growth ratio of 4.32 and a beta of 1.05. The stock has a 50-day simple moving average of $407.93 and a 200-day simple moving average of $391.93.

Home Depot (NYSE:HD) last posted its quarterly earnings results on Tuesday, November 12th. The home improvement retailer reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.64 by $0.14. The business had revenue of $40.22 billion during the quarter, compared to the consensus estimate of $39.31 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $3.81 earnings per share. On average, analysts anticipate that The Home Depot, Inc. will post 15.12 earnings per share for the current year.

Home Depot Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th were paid a $2.25 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $9.00 dividend on an annualized basis and a yield of 2.17%. Home Depot’s payout ratio is currently 61.14%.

Insider Activity

In related news, EVP Teresa Wynn Roseborough sold 22,084 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $408.91, for a total value of $9,030,368.44. Following the completion of the sale, the executive vice president now owns 20,404 shares of the company’s stock, valued at $8,343,399.64. This represents a 51.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ann Marie Campbell sold 100 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $402.58, for a total transaction of $40,258.00. Following the transaction, the executive vice president now directly owns 12,465 shares in the company, valued at approximately $5,018,159.70. The trade was a 0.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,188 shares of company stock valued at $15,624,585. 0.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Home Depot

A number of institutional investors have recently added to or reduced their stakes in HD. Synergy Asset Management LLC acquired a new stake in shares of Home Depot during the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Home Depot in the fourth quarter worth about $28,000. Legacy Investment Solutions LLC purchased a new position in shares of Home Depot in the third quarter worth approximately $41,000. Sugar Maple Asset Management LLC acquired a new stake in shares of Home Depot during the fourth quarter valued at approximately $41,000. Finally, Livelsberger Financial Advisory purchased a new stake in shares of Home Depot in the 3rd quarter valued at approximately $46,000. 70.86% of the stock is currently owned by institutional investors and hedge funds.

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.