Wells Fargo & Company Issues Positive Forecast for Home Depot (NYSE:HD) Stock Price

Home Depot (NYSE:HD) had its target price lifted by Wells Fargo & Company from $400.00 to $430.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the home improvement retailer’s stock.

Several other equities analysts have also weighed in on HD. TD Cowen raised their target price on Home Depot from $440.00 to $460.00 and gave the company a “buy” rating in a report on Monday, October 28th. Morgan Stanley upped their target price on Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Royal Bank of Canada lowered their target price on shares of Home Depot from $377.00 to $363.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 14th. Daiwa America upgraded shares of Home Depot to a “hold” rating in a report on Thursday, August 15th. Finally, Oppenheimer boosted their price objective on Home Depot from $345.00 to $400.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $416.52.

Home Depot Stock Up 2.1 %

Shares of NYSE:HD traded up $8.23 during midday trading on Wednesday, hitting $396.60. 1,073,433 shares of the stock were exchanged, compared to its average volume of 3,354,313. The company has a market capitalization of $393.94 billion, a PE ratio of 26.74, a P/E/G ratio of 2.74 and a beta of 1.01. Home Depot has a 52-week low of $286.79 and a 52-week high of $421.56. 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 business’s fifty day simple moving average is $393.80 and its two-hundred day simple moving average is $363.10.

Home Depot (NYSE:HD) last posted its earnings results 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. Home Depot had a net margin of 9.71% and a return on equity of 733.61%. The firm had revenue of $43.18 billion during the quarter, compared to analysts’ expectations of $42.57 billion. During the same period in the previous year, the company earned $4.65 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Home Depot will post 15.01 earnings per share for the current fiscal year.

Home Depot Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were issued a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Thursday, August 29th. Home Depot’s payout ratio is 60.57%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HD. Abacus Wealth Partners LLC boosted its stake in shares of Home Depot by 3.7% during the 3rd quarter. Abacus Wealth Partners LLC now owns 704 shares of the home improvement retailer’s stock worth $285,000 after acquiring an additional 25 shares during the period. Redhawk Wealth Advisors Inc. increased its holdings in shares of Home Depot by 0.7% in the third quarter. Redhawk Wealth Advisors Inc. now owns 3,624 shares of the home improvement retailer’s stock valued at $1,469,000 after purchasing an additional 25 shares during the last quarter. Ruedi Wealth Management Inc. raised its position 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 lifted its stake in shares of Home Depot by 3.4% during the 2nd 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. Finally, Consolidated Portfolio Review Corp boosted its holdings in shares of Home Depot by 1.9% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 1,524 shares of the home improvement retailer’s stock worth $617,000 after buying an additional 28 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.