Geode Capital Management LLC Raises Stake in The Home Depot, Inc. (NYSE:HD)

Geode Capital Management LLC increased its stake in shares of The Home Depot, Inc. (NYSE:HD) by 1.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,957,463 shares of the home improvement retailer’s stock after buying an additional 257,036 shares during the period. Home Depot comprises about 0.7% of Geode Capital Management LLC’s holdings, making the stock its 19th biggest position. Geode Capital Management LLC owned about 2.21% of Home Depot worth $8,525,046,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Home Depot in the fourth quarter worth about $5,032,910,000. Raymond James Financial Inc. bought a new position in Home Depot in the 4th quarter worth approximately $2,212,546,000. Proficio Capital Partners LLC grew its stake in Home Depot by 21,394.9% in the 4th quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer’s stock valued at $793,486,000 after buying an additional 2,030,372 shares in the last quarter. Vanguard Group Inc. raised its holdings in Home Depot by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 95,763,752 shares of the home improvement retailer’s stock valued at $37,251,142,000 after acquiring an additional 875,836 shares during the period. Finally, Amundi lifted its position in shares of Home Depot by 8.6% during the fourth quarter. Amundi now owns 7,554,880 shares of the home improvement retailer’s stock worth $2,925,498,000 after acquiring an additional 599,490 shares in the last quarter. Hedge funds and other institutional investors own 70.86% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Piper Sandler decreased their price objective on Home Depot from $435.00 to $418.00 and set an “overweight” rating on the stock in a research note on Monday, March 24th. Guggenheim reiterated a “buy” rating and set a $450.00 price target on shares of Home Depot in a research report on Wednesday, February 26th. Telsey Advisory Group restated an “outperform” rating and issued a $455.00 price objective on shares of Home Depot in a research report on Wednesday, February 26th. Wells Fargo & Company upped their target price on shares of Home Depot from $440.00 to $450.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada cut their price target on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $435.85.

Home Depot Price Performance

HD opened at $366.95 on Tuesday. The company has a debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.31. The stock’s 50 day simple moving average is $389.13 and its 200 day simple moving average is $398.94. The firm has a market cap of $364.76 billion, a price-to-earnings ratio of 24.93, a PEG ratio of 4.03 and a beta of 1.09. The Home Depot, Inc. has a 1 year low of $323.77 and a 1 year high of $439.37.

Home Depot (NYSE:HD) last issued its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $39.15 billion. During the same quarter last year, the business earned $2.82 earnings per share. The business’s revenue was up 14.1% on a year-over-year basis. As a group, analysts predict that The Home Depot, Inc. will post 15.13 earnings per share for the current year.

Home Depot Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a dividend of $2.30 per share. 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 2.51%. The ex-dividend date was Thursday, March 13th. Home Depot’s dividend payout ratio is currently 61.66%.

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.