Truist Financial Cuts Home Depot (NYSE:HD) Price Target to $437.00

Home Depot (NYSE:HD) had its price objective cut by Truist Financial from $467.00 to $437.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the home improvement retailer’s stock.

Other equities research analysts also recently issued reports about the stock. Barclays raised their target price on shares of Home Depot from $372.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Telsey Advisory Group reiterated an “outperform” rating and set a $455.00 target price on shares of Home Depot in a research note on Wednesday. HSBC raised Home Depot from a “reduce” rating to a “hold” rating and raised their price target for the company from $356.00 to $410.00 in a report on Wednesday. Evercore ISI lifted their price objective on shares of Home Depot from $420.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Home Depot from $450.00 to $475.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Eight analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $436.50.

Home Depot Price Performance

Shares of NYSE HD opened at $390.40 on Wednesday. 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 business has a 50-day moving average of $401.17 and a 200-day moving average of $398.42. The stock has a market capitalization of $387.81 billion, a price-to-earnings ratio of 26.52, a PEG ratio of 4.03 and a beta of 1.05. Home Depot has a fifty-two week low of $323.77 and a fifty-two week high of $439.37.

Home Depot (NYSE:HD) last released its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share for the quarter, beating 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 business had revenue of $39.70 billion during the quarter, compared to analysts’ expectations of $39.15 billion. During the same period last year, the business earned $2.82 earnings per share. The firm’s revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Home Depot will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a $2.30 dividend. This represents a $9.20 dividend on an annualized basis and a yield of 2.36%. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. The ex-dividend date of this dividend is Thursday, March 13th. Home Depot’s payout ratio is presently 61.14%.

Hedge Funds Weigh In On Home Depot

Institutional investors have recently modified their holdings of the company. AMF Tjanstepension AB grew its stake in Home Depot by 10.8% in the 3rd quarter. AMF Tjanstepension AB now owns 171,005 shares of the home improvement retailer’s stock valued at $69,340,000 after purchasing an additional 16,650 shares during the period. SYM FINANCIAL Corp increased its stake in shares of Home Depot by 17.8% during the 3rd quarter. SYM FINANCIAL Corp now owns 1,917 shares of the home improvement retailer’s stock worth $777,000 after purchasing an additional 289 shares during the last quarter. Wealth Group Ltd. bought a new position in Home Depot during the third quarter valued at $217,000. Swedbank AB increased its position in Home Depot by 17.1% in the third quarter. Swedbank AB now owns 909,530 shares of the home improvement retailer’s stock worth $368,542,000 after buying an additional 132,967 shares during the last quarter. Finally, Forbes J M & Co. LLP lifted its position in shares of Home Depot by 0.3% during the 3rd quarter. Forbes J M & Co. LLP now owns 24,331 shares of the home improvement retailer’s stock valued at $9,859,000 after buying an additional 74 shares during the last quarter. 70.86% of the stock is owned by institutional investors and hedge funds.

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.