NorthCoast Asset Management LLC lowered its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 6.8% during the first quarter, HoldingsChannel.com reports. The firm owned 107,560 shares of the home improvement retailer’s stock after selling 7,811 shares during the period. The Home Depot makes up approximately 1.3% of NorthCoast Asset Management LLC’s holdings, making the stock its 13th largest holding. NorthCoast Asset Management LLC’s holdings in The Home Depot were worth $32,987,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HD. Elmwood Wealth Management Inc. purchased a new position in shares of The Home Depot in the first quarter valued at approximately $41,000. Grant Street Asset Management Inc. purchased a new position in shares of The Home Depot in the fourth quarter valued at approximately $42,000. Paradigm Strategies in Wealth Management LLC purchased a new position in shares of The Home Depot in the first quarter valued at approximately $52,000. Tacita Capital Inc acquired a new stake in shares of The Home Depot in the fourth quarter valued at approximately $58,000. Finally, Navis Wealth Advisors LLC acquired a new stake in shares of The Home Depot in the fourth quarter valued at approximately $67,000. Institutional investors and hedge funds own 69.75% of the company’s stock.
Several equities research analysts recently commented on HD shares. Credit Suisse Group increased their price target on The Home Depot from $319.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, May 25th. Royal Bank of Canada increased their price target on The Home Depot from $377.00 to $386.00 and gave the company an “outperform” rating in a report on Wednesday, May 19th. increased their price target on The Home Depot from $288.00 to $375.00 and gave the company a “buy” rating in a report on Tuesday, May 4th. Wells Fargo & Company raised their target price on The Home Depot from $330.00 to $360.00 in a research note on Wednesday, May 5th. Finally, Loop Capital raised their target price on The Home Depot from $350.00 to $370.00 and gave the stock a “buy” rating in a research note on Wednesday, May 19th. Six investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $331.89.
The Home Depot (NYSE:HD) last announced its quarterly earnings results on Monday, May 17th. The home improvement retailer reported $3.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.08 by $0.78. The company had revenue of $37.50 billion during the quarter, compared to the consensus estimate of $33.68 billion. The Home Depot had a return on equity of 963.88% and a net margin of 10.45%. The Home Depot’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.08 EPS. As a group, research analysts anticipate that The Home Depot, Inc. will post 14 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd were given a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, June 2nd. The Home Depot’s dividend payout ratio (DPR) is currently 54.86%.
The Home Depot declared that its board has initiated a stock buyback program on Thursday, May 20th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the home improvement retailer to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
In related news, EVP Matt Carey sold 113,138 shares of the business’s stock in a transaction dated Monday, May 24th. The stock was sold at an average price of $316.00, for a total value of $35,751,608.00. Following the transaction, the executive vice president now owns 78,594 shares in the company, valued at approximately $24,835,704. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is currently owned by insiders.
The Home Depot Company Profile
The Home Depot, Inc operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, building materials, lawn and garden products, and dÃ©cor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers.
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