Piper Sandler Cuts Home Depot (NYSE:HD) Price Target to $435.00

Home Depot (NYSE:HD) had its target price lowered by Piper Sandler from $455.00 to $435.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the home improvement retailer’s stock.

HD has been the subject of a number of other research reports. HSBC upgraded Home Depot from a “reduce” rating to a “hold” rating and increased their price target for the stock from $356.00 to $410.00 in a research note on Wednesday. Evercore ISI raised their price objective on Home Depot from $420.00 to $430.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Mizuho raised their price objective on Home Depot from $435.00 to $440.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Truist Financial cut their price objective on Home Depot from $467.00 to $437.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $440.00 price objective on shares of Home Depot in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty-two have given 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 $436.50.

Home Depot Price Performance

NYSE HD opened at $396.69 on Wednesday. The business’s fifty day moving average price is $401.36 and its 200-day moving average price is $398.72. The stock has a market capitalization of $394.06 billion, a price-to-earnings ratio of 26.95, a PEG ratio of 4.03 and a beta of 1.05. The company has a debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.31. Home Depot has a 1-year low of $323.77 and a 1-year high of $439.37.

Home Depot (NYSE:HD) last released its quarterly earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.09. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The firm had revenue of $39.70 billion for the quarter, compared to analysts’ expectations of $39.15 billion. During the same period in the prior year, the firm earned $2.82 EPS. The company’s revenue was up 14.1% compared to the same quarter last year. On average, equities analysts predict that Home Depot will post 15.13 earnings per share for the current year.

Home Depot Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a dividend of $2.30 per share. This represents a $9.20 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s payout ratio is currently 61.66%.

Institutional Trading of Home Depot

Several institutional investors and hedge funds have recently modified their holdings of HD. Norges Bank bought a new stake in shares of Home Depot during the fourth quarter valued at approximately $5,032,910,000. Raymond James Financial Inc. bought a new stake in shares of Home Depot during the fourth quarter valued at approximately $2,212,546,000. Proficio Capital Partners LLC raised its stake in shares of Home Depot by 21,394.9% during the fourth quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer’s stock valued at $793,486,000 after acquiring an additional 2,030,372 shares in the last quarter. Northern Trust Corp raised its stake in shares of Home Depot by 13.3% during the fourth quarter. Northern Trust Corp now owns 12,149,890 shares of the home improvement retailer’s stock valued at $4,726,186,000 after acquiring an additional 1,424,857 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC purchased a new position in Home Depot during the fourth quarter valued at approximately $471,189,000. 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.