Home Depot (NYSE:HD) Shares Up 0.7% on Analyst Upgrade

The Home Depot, Inc. (NYSE:HD)’s share price rose 0.7% during trading on Tuesday after Barclays raised their price target on the stock from $372.00 to $420.00. Barclays currently has an overweight rating on the stock. Home Depot traded as high as $398.50 and last traded at $398.31. Approximately 344,586 shares traded hands during trading, a decline of 90% from the average daily volume of 3,337,670 shares. The stock had previously closed at $395.57.

A number of other brokerages also recently commented on HD. Evercore ISI reduced their price objective on Home Depot from $415.00 to $400.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Sanford C. Bernstein initiated coverage on Home Depot in a research report on Tuesday, October 22nd. They set a “market perform” rating and a $451.00 price objective on the stock. Piper Sandler lifted their price objective on Home Depot from $387.00 to $455.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Guggenheim lifted their price objective on Home Depot from $390.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Finally, Daiwa America upgraded Home Depot to a “hold” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $415.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC boosted its position in shares of Home Depot by 51,250.1% during the 3rd quarter. International Assets Investment Management LLC now owns 8,779,833 shares of the home improvement retailer’s stock worth $35,575,880,000 after acquiring an additional 8,762,735 shares in the last quarter. Wulff Hansen & CO. boosted its position in shares of Home Depot by 33,540.9% during the 2nd quarter. Wulff Hansen & CO. now owns 1,478,855 shares of the home improvement retailer’s stock worth $509,081,000 after acquiring an additional 1,474,459 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of Home Depot during the 1st quarter worth about $513,016,000. Price T Rowe Associates Inc. MD boosted its position in shares of Home Depot by 15.0% during the 1st 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 acquiring an additional 971,833 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Home Depot during the 1st quarter worth about $301,364,000. 70.86% of the stock is owned by institutional investors and hedge funds.

Home Depot Trading Up 0.4 %

The company has a 50-day moving average price of $392.94 and a 200-day moving average price of $362.47. The firm has a market capitalization of $394.44 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 2.72 and a beta of 1.01. The company has a debt-to-equity ratio of 11.74, a quick ratio of 0.33 and a current ratio of 1.15.

Home Depot (NYSE:HD) last posted its earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, beating the consensus estimate of $4.59 by $0.08. Home Depot had a return on equity of 733.61% and a net margin of 9.71%. The business had revenue of $43.18 billion during the quarter, compared to the consensus estimate of $42.57 billion. During the same period in the previous year, the business earned $4.65 EPS. The business’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts forecast that The Home Depot, Inc. will post 15.01 EPS for the current fiscal year.

Home Depot Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were issued a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Thursday, August 29th. Home Depot’s payout ratio is currently 60.57%.

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.