Home Depot (NYSE:HD) Upgraded by Loop Capital to “Buy”

Home Depot (NYSE:HD) was upgraded by stock analysts at Loop Capital from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a $460.00 target price on the home improvement retailer’s stock, up from their previous target price of $360.00. Loop Capital’s target price suggests a potential upside of 11.05% from the stock’s previous close.

HD has been the topic of several other reports. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $360.00 target price on shares of Home Depot in a report on Thursday, September 12th. Daiwa America raised Home Depot to a “hold” rating in a report on Thursday, August 15th. Gordon Haskett raised Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 target price on the stock in a report on Wednesday, October 2nd. Truist Financial reduced their target price on Home Depot from $396.00 to $395.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Royal Bank of Canada reduced their target price on Home Depot from $377.00 to $363.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, Home Depot presently has an average rating of “Moderate Buy” and an average target price of $402.38.

Home Depot Price Performance

Shares of Home Depot stock opened at $414.23 on Wednesday. The stock’s 50-day simple moving average is $374.21 and its 200-day simple moving average is $356.13. Home Depot has a 52 week low of $274.26 and a 52 week high of $415.29. The company has a market capitalization of $410.76 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 2.71 and a beta of 1.00. The company has a quick ratio of 0.33, a current ratio of 1.15 and a debt-to-equity ratio of 11.74.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Abacus Wealth Partners LLC boosted its holdings in shares of Home Depot by 3.7% in the third quarter. Abacus Wealth Partners LLC now owns 704 shares of the home improvement retailer’s stock valued at $285,000 after purchasing an additional 25 shares during the period. Ruedi Wealth Management Inc. boosted its holdings in shares of Home Depot by 1.2% in the second quarter. Ruedi Wealth Management Inc. now owns 2,372 shares of the home improvement retailer’s stock valued at $817,000 after purchasing an additional 27 shares during the period. Acorn Creek Capital LLC boosted its holdings in shares of Home Depot by 3.4% in the second quarter. Acorn Creek Capital LLC now owns 845 shares of the home improvement retailer’s stock valued at $291,000 after purchasing an additional 28 shares during the period. Talisman Wealth Advisors LLC boosted its holdings in shares of Home Depot by 1.2% in the first quarter. Talisman Wealth Advisors LLC now owns 2,385 shares of the home improvement retailer’s stock valued at $915,000 after purchasing an additional 29 shares during the period. Finally, LMG Wealth Partners LLC boosted its holdings in shares of Home Depot by 1.7% in the second quarter. LMG Wealth Partners LLC now owns 1,709 shares of the home improvement retailer’s stock valued at $588,000 after purchasing an additional 29 shares during the period. 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.