Home Depot (NYSE:HD) Trading 2.4% Higher – Here’s Why

The Home Depot, Inc. (NYSE:HD)’s share price rose 2.4% during trading on Monday . The company traded as high as $430.17 and last traded at $430.08. Approximately 950,965 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 3,384,224 shares. The stock had previously closed at $420.00.

Analyst Ratings Changes

HD has been the topic of a number of analyst reports. Royal Bank of Canada boosted their price objective on Home Depot from $363.00 to $413.00 and gave the company a “sector perform” rating in a research note on Monday, November 11th. Wells Fargo & Company increased their price target on shares of Home Depot from $400.00 to $430.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Telsey Advisory Group raised shares of Home Depot from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $360.00 to $455.00 in a research note on Friday, November 8th. Piper Sandler increased their target price on shares of Home Depot from $387.00 to $455.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Finally, Barclays raised their price target on shares of Home Depot from $372.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $426.00.

Home Depot Price Performance

The firm has a 50 day moving average price of $403.23 and a 200 day moving average price of $369.25. The stock has a market cap of $425.82 billion, a P/E ratio of 29.22, a P/E/G ratio of 2.92 and a beta of 1.01. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65.

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

Home Depot Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Wednesday, November 27th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, November 27th. Home Depot’s dividend payout ratio is currently 61.14%.

Insider Buying and Selling

In other news, EVP Ann Marie Campbell sold 100 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $402.58, for a total transaction of $40,258.00. Following the completion of the transaction, the executive vice president now directly owns 12,465 shares in the company, valued at approximately $5,018,159.70. This represents a 0.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Timothy A. Hourigan sold 16,004 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $409.52, for a total transaction of $6,553,958.08. Following the completion of the sale, the executive vice president now owns 77,475 shares in the company, valued at $31,727,562. This represents a 17.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,188 shares of company stock valued at $15,624,585. Corporate insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Home Depot

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HD. International Assets Investment Management LLC boosted its holdings in 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 valued at $35,575,880,000 after acquiring an additional 8,762,735 shares during the period. Wulff Hansen & CO. lifted its holdings in 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 valued at $509,081,000 after buying an additional 1,474,459 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Home Depot in the 3rd quarter worth about $336,231,000. FMR LLC increased its position in shares of Home Depot by 10.1% during the third quarter. FMR LLC now owns 8,679,237 shares of the home improvement retailer’s stock worth $3,516,827,000 after acquiring an additional 795,438 shares during the period. Finally, Swedbank AB bought a new stake in shares of Home Depot during the first quarter valued at approximately $301,364,000. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

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.