Royal Bank of Canada Lowers Home Depot (NYSE:HD) Price Target to $424.00

Home Depot (NYSE:HD) had its price objective lowered by equities researchers at Royal Bank of Canada from $431.00 to $424.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the home improvement retailer’s stock. Royal Bank of Canada’s price target indicates a potential upside of 7.16% from the stock’s current price.

Several other equities research analysts have also issued reports on HD. Truist Financial decreased their target price on Home Depot from $467.00 to $437.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on Home Depot from $450.00 to $475.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Mizuho upped their target price on shares of Home Depot from $435.00 to $440.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Bank of America increased their price target on Home Depot from $425.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Guggenheim reiterated a “buy” rating and set a $450.00 price target on shares of Home Depot in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $437.56.

Home Depot Price Performance

HD traded up $2.38 during midday trading on Wednesday, hitting $395.67. The company had a trading volume of 1,810,813 shares, compared to its average volume of 3,212,022. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.31 and a current ratio of 1.13. Home Depot has a twelve month low of $323.77 and a twelve month high of $439.37. The company has a market capitalization of $393.05 billion, a PE ratio of 26.89, a P/E/G ratio of 4.03 and a beta of 1.05. The firm’s 50-day simple moving average is $401.23 and its 200-day simple moving average is $398.48.

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

Hedge Funds Weigh In On Home Depot

A number of hedge funds have recently made changes to their positions in HD. Synergy Asset Management LLC acquired a new position in Home Depot during the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. acquired a new position in Home Depot during the fourth quarter worth approximately $28,000. Navigoe LLC purchased a new stake in shares of Home Depot during the fourth quarter valued at approximately $29,000. Bradley & Co. Private Wealth Management LLC acquired a new position in Home Depot in the fourth quarter worth $32,000. Finally, Quarry LP increased its holdings in shares of Home Depot by 220.0% during the fourth quarter. Quarry LP now owns 96 shares of the home improvement retailer’s stock valued at $37,000 after purchasing an additional 66 shares during the period. Institutional investors and hedge funds own 70.86% of the company’s stock.

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.