Home Depot (NYSE:HD) Stock Price Down 0.6% – Here’s Why

The Home Depot, Inc. (NYSE:HD)’s stock price dropped 0.6% during mid-day trading on Tuesday . The company traded as low as $399.36 and last traded at $408.01. Approximately 979,608 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 3,370,344 shares. The stock had previously closed at $410.44.

Wall Street Analyst Weigh In

Several research firms recently commented on HD. Bank of America increased their price objective on Home Depot from $425.00 to $450.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Barclays increased their target price on shares of Home Depot from $372.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Morgan Stanley raised their price target on shares of Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Piper Sandler upped their price objective on shares of Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Finally, Gordon Haskett upgraded shares of Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 price objective for the company in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, Home Depot presently has a consensus rating of “Moderate Buy” and a consensus price target of $426.00.

Home Depot Stock Performance

The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65. The company has a market capitalization of $404.24 billion, a price-to-earnings ratio of 27.72, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. The stock’s fifty day simple moving average is $400.41 and its 200-day simple moving average is $367.33.

Home Depot (NYSE:HD) last announced its quarterly earnings data on Tuesday, November 12th. The home improvement retailer reported $3.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.14. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The business had revenue of $40.22 billion for the quarter, compared to analysts’ expectations of $39.31 billion. During the same period last year, the firm earned $3.81 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Analysts predict that The Home Depot, Inc. will post 15.12 EPS for the current year.

Home Depot Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th will be issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Wednesday, November 27th. Home Depot’s dividend payout ratio (DPR) is 61.14%.

Insider Activity

In other news, EVP Teresa Wynn Roseborough sold 22,084 shares of Home Depot stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $408.91, for a total value of $9,030,368.44. Following the transaction, the executive vice president now directly owns 20,404 shares of the company’s stock, valued at $8,343,399.64. The trade was a 51.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Home Depot

Hedge funds have recently modified their holdings of the stock. 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 acquiring an additional 25 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its position in Home Depot by 0.7% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 3,624 shares of the home improvement retailer’s stock worth $1,469,000 after purchasing an additional 25 shares during the period. Insight Inv LLC raised its stake in shares of Home Depot by 2.0% during the 3rd quarter. Insight Inv LLC now owns 1,246 shares of the home improvement retailer’s stock worth $505,000 after buying an additional 25 shares in the last quarter. Capital City Trust Co. FL lifted its holdings in shares of Home Depot by 1.1% in the 3rd quarter. Capital City Trust Co. FL now owns 2,494 shares of the home improvement retailer’s stock valued at $1,011,000 after buying an additional 26 shares during the period. Finally, Ruedi Wealth Management Inc. boosted its stake 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 buying an additional 27 shares in the last quarter. 70.86% of the stock is owned by institutional investors and hedge funds.

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.