Home Depot (NYSE:HD) Stock Price Down 0.4% Following Analyst Downgrade

The Home Depot, Inc. (NYSE:HD) traded down 0.4% during mid-day trading on Tuesday after Piper Sandler lowered their price target on the stock from $435.00 to $418.00. Piper Sandler currently has an overweight rating on the stock. Home Depot traded as low as $360.67 and last traded at $362.29. 615,513 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,217,302 shares. The stock had previously closed at $363.77.

Other equities analysts have also issued reports about the company. Robert W. Baird lowered their price target on Home Depot from $440.00 to $430.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Truist Financial decreased their price objective on Home Depot from $467.00 to $437.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Wedbush restated an “outperform” rating and issued a $440.00 target price on shares of Home Depot in a research note on Wednesday, February 26th. Wells Fargo & Company lifted their price target on shares of Home Depot from $440.00 to $450.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, HSBC upgraded shares of Home Depot from a “reduce” rating to a “hold” rating and increased their price objective for the company from $356.00 to $410.00 in a research note on Wednesday, February 26th. Nine 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 stock. According to data from MarketBeat.com, Home Depot presently has an average rating of “Moderate Buy” and a consensus target price of $435.85.

Institutional Investors Weigh In On Home Depot

Several hedge funds have recently added to or reduced their stakes in HD. Avant Financial Advisors LLC bought a new position in Home Depot during the fourth quarter worth $238,000. Fire Capital Management LLC bought a new stake in Home Depot during the 4th quarter valued at $933,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Home Depot in the 4th quarter worth about $172,000. Prostatis Group LLC lifted its holdings in shares of Home Depot by 4.5% in the fourth quarter. Prostatis Group LLC now owns 5,891 shares of the home improvement retailer’s stock valued at $2,291,000 after purchasing an additional 255 shares in the last quarter. Finally, Nestegg Advisors Inc. purchased a new position in Home Depot during the 4th quarter worth $665,000. 70.86% of the stock is currently owned by institutional investors and hedge funds.

Home Depot Stock Down 0.8 %

The stock’s 50-day simple moving average is $392.82 and its 200-day simple moving average is $399.16. The firm has a market capitalization of $358.50 billion, a P/E ratio of 24.52, a P/E/G ratio of 4.03 and a beta of 1.09. The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65.

Home Depot (NYSE:HD) last issued its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share 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 analyst estimates of $39.15 billion. During the same quarter last year, the business earned $2.82 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, research analysts predict that The Home Depot, Inc. will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be given a dividend of $2.30 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $9.20 annualized dividend and a dividend yield of 2.55%. This is a boost from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio (DPR) is 61.66%.

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.