Home Depot (NYSE:HD) Hits New 1-Year High – Here’s Why

The Home Depot, Inc. (NYSE:HD)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $420.00 and last traded at $419.09, with a volume of 322457 shares trading hands. The stock had previously closed at $414.18.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on HD shares. Melius Research began coverage on Home Depot in a report on Monday, September 23rd. They issued a “buy” rating and a $420.00 target price for the company. Truist Financial lowered their price objective on shares of Home Depot from $396.00 to $395.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Piper Sandler boosted their target price on shares of Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Daiwa America upgraded shares of Home Depot to a “hold” rating in a report on Thursday, August 15th. Finally, DA Davidson lifted their price target on shares of Home Depot from $395.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $402.38.

Home Depot Price Performance

The company has a current ratio of 1.15, a quick ratio of 0.33 and a debt-to-equity ratio of 11.74. The stock has a market cap of $408.34 billion, a PE ratio of 27.78, a PEG ratio of 2.71 and a beta of 1.00. The business has a 50-day moving average price of $375.22 and a 200 day moving average price of $356.30.

Home Depot (NYSE:HD) last announced its quarterly earnings data on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.59 by $0.08. The business had revenue of $43.18 billion for the quarter, compared to analysts’ expectations of $42.57 billion. Home Depot had a return on equity of 681.27% and a net margin of 9.71%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.65 EPS. As a group, research analysts forecast that The Home Depot, Inc. will post 15.01 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were issued a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Thursday, August 29th. Home Depot’s dividend payout ratio (DPR) is presently 60.36%.

Institutional Investors Weigh In On Home Depot

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Abacus Wealth Partners LLC lifted its stake in Home Depot by 3.7% in the 3rd quarter. Abacus Wealth Partners LLC now owns 704 shares of the home improvement retailer’s stock worth $285,000 after purchasing an additional 25 shares in the last quarter. Ruedi Wealth Management Inc. lifted its position in Home Depot by 1.2% during the second quarter. Ruedi Wealth Management Inc. now owns 2,372 shares of the home improvement retailer’s stock worth $817,000 after buying an additional 27 shares in the last quarter. Acorn Creek Capital LLC boosted its stake in Home Depot by 3.4% during the second quarter. Acorn Creek Capital LLC now owns 845 shares of the home improvement retailer’s stock worth $291,000 after buying an additional 28 shares during the last quarter. Talisman Wealth Advisors LLC grew its holdings in Home Depot by 1.2% in the 1st quarter. Talisman Wealth Advisors LLC now owns 2,385 shares of the home improvement retailer’s stock valued at $915,000 after buying an additional 29 shares in the last quarter. Finally, LMG Wealth Partners LLC increased its stake in shares of Home Depot by 1.7% in the 2nd quarter. LMG Wealth Partners LLC now owns 1,709 shares of the home improvement retailer’s stock worth $588,000 after acquiring an additional 29 shares during the last quarter. 70.86% of the stock is currently owned by 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.