Home Depot (NYSE:HD) Trading Down 1.2% – Here’s What Happened

The Home Depot, Inc. (NYSE:HD)’s stock price fell 1.2% on Wednesday . The company traded as low as $363.35 and last traded at $363.61. 675,690 shares were traded during mid-day trading, a decline of 80% from the average session volume of 3,313,861 shares. The stock had previously closed at $368.16.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on HD shares. Bank of America raised their target price on shares of Home Depot from $425.00 to $450.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. HSBC raised Home Depot from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $356.00 to $410.00 in a research note on Wednesday, February 26th. Piper Sandler lowered their price target on shares of Home Depot from $455.00 to $435.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. JPMorgan Chase & Co. upped their target price on shares of Home Depot from $450.00 to $475.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Finally, Royal Bank of Canada decreased their price target on Home Depot from $431.00 to $424.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $436.50.

Home Depot Price Performance

The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65. The company has a market capitalization of $363.57 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 4.03 and a beta of 1.09. The firm’s 50 day simple moving average is $399.50 and its 200 day simple moving average is $400.03.

Home Depot (NYSE:HD) last released its quarterly earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 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 during the quarter, compared to analysts’ expectations of $39.15 billion. During the same period in the previous year, the company earned $2.82 EPS. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that The Home Depot, Inc. will post 15.13 EPS for the current fiscal year.

Home Depot Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid 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 is Thursday, March 13th. Home Depot’s dividend payout ratio (DPR) is currently 61.66%.

Institutional Trading of Home Depot

A number of hedge funds and other institutional investors have recently bought and sold shares of HD. Synergy Asset Management LLC purchased a new stake in Home Depot in the fourth quarter worth about $26,000. Wingate Wealth Advisors Inc. purchased a new position in Home Depot during the fourth quarter valued at approximately $28,000. Navigoe LLC bought a new position in Home Depot in the fourth quarter worth approximately $29,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in Home Depot during the fourth quarter worth $32,000. Finally, Quarry LP boosted its position in Home Depot by 220.0% during the 4th quarter. Quarry LP now owns 96 shares of the home improvement retailer’s stock valued at $37,000 after acquiring an additional 66 shares in the last quarter. Hedge funds and other institutional investors 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.