Home Depot (NYSE:HD) Shares Up 1.2% Following Analyst Upgrade

The Home Depot, Inc. (NYSE:HD)’s stock price traded up 1.2% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $395.00 to $455.00. Truist Financial currently has a buy rating on the stock. Home Depot traded as high as $421.56 and last traded at $420.24. 640,447 shares changed hands during trading, a decline of 81% from the average session volume of 3,369,126 shares. The stock had previously closed at $415.42.

Several other research analysts have also commented on the company. Royal Bank of Canada cut their price objective on Home Depot from $377.00 to $363.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 14th. Piper Sandler boosted their price target on Home Depot from $387.00 to $455.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. upped their price target on Home Depot from $377.00 to $400.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Melius Research started coverage on shares of Home Depot in a research note on Monday, September 23rd. They set a “buy” rating and a $420.00 price objective on the stock. Finally, UBS Group upped their target price on shares of Home Depot from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $404.69.

Institutional Trading of Home Depot

Several hedge funds have recently made changes to their positions in HD. Fairway Wealth LLC acquired a new position in Home Depot during the 2nd quarter valued at about $25,000. Kings Path Partners LLC acquired a new position in shares of Home Depot during the second quarter worth approximately $33,000. Denver PWM LLC acquired a new position in shares of Home Depot during the second quarter worth approximately $40,000. Strategic Investment Solutions Inc. IL bought a new position in Home Depot in the 2nd quarter worth approximately $47,000. Finally, Quarry LP increased its position in Home Depot by 36.0% in the 2nd quarter. Quarry LP now owns 136 shares of the home improvement retailer’s stock valued at $47,000 after acquiring an additional 36 shares during the period. Institutional investors own 70.86% of the company’s stock.

Home Depot Stock Up 0.7 %

The company has a debt-to-equity ratio of 11.74, a quick ratio of 0.33 and a current ratio of 1.15. The firm has a 50 day simple moving average of $382.42 and a two-hundred day simple moving average of $357.80. The stock has a market cap of $415.10 billion, a P/E ratio of 28.08, a P/E/G ratio of 2.88 and a beta of 1.00.

Home Depot (NYSE:HD) last issued its quarterly earnings data on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share 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 net margin of 9.71% and a return on equity of 681.27%. The company’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $4.65 earnings per share. Equities research analysts predict that The Home Depot, Inc. will post 15.01 earnings per share for the current year.

Home Depot Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were paid a dividend of $2.25 per share. The ex-dividend date was Thursday, August 29th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.15%. Home Depot’s dividend payout ratio is presently 60.36%.

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.