Home Depot (NYSE:HD) Trading Up 0.7% – Here’s What Happened

Shares of The Home Depot, Inc. (NYSE:HD) shot up 0.7% during mid-day trading on Wednesday . The stock traded as high as $354.38 and last traded at $351.90. 511,400 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 3,192,194 shares. The stock had previously closed at $349.57.

Analysts Set New Price Targets

A number of equities analysts recently commented on HD shares. HSBC raised Home Depot from a “reduce” rating to a “hold” rating and increased their price target for the company from $356.00 to $410.00 in a research note on Wednesday, February 26th. Truist Financial cut their target price on shares of Home Depot from $467.00 to $437.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Robert W. Baird reduced their price target on shares of Home Depot from $440.00 to $430.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Hsbc Global Res upgraded shares of Home Depot from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada reduced their target price on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Nine 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $436.50.

Home Depot Stock Down 0.0 %

The company has a 50-day simple moving average of $396.03 and a 200 day simple moving average of $399.40. The company has a market cap of $347.09 billion, a P/E ratio of 23.74, 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 announced its quarterly earnings data on Tuesday, February 25th. The home improvement retailer reported $3.13 EPS 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 company had revenue of $39.70 billion for the quarter, compared to the consensus estimate of $39.15 billion. During the same quarter in the prior year, the company posted $2.82 EPS. Home Depot’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities analysts anticipate that The Home Depot, Inc. will post 15.13 EPS for the current year.

Home Depot Increases Dividend

The company 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. The ex-dividend date is Thursday, March 13th. This represents a $9.20 annualized dividend and a dividend yield of 2.63%. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio (DPR) is currently 61.66%.

Hedge Funds Weigh In On Home Depot

A number of hedge funds and other institutional investors have recently modified their holdings of HD. Synergy Asset Management LLC bought a new position in shares of Home Depot during the fourth quarter valued at approximately $26,000. Wingate Wealth Advisors Inc. bought a new position in shares of Home Depot during the fourth quarter valued at approximately $28,000. Navigoe LLC bought a new position in shares of Home Depot during the fourth quarter valued at approximately $29,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Home Depot during the fourth quarter valued at approximately $32,000. Finally, Quarry LP boosted its stake in shares of Home Depot by 220.0% during the fourth quarter. Quarry LP now owns 96 shares of the home improvement retailer’s stock valued at $37,000 after purchasing an additional 66 shares in the last quarter. 70.86% of the stock is currently owned by institutional investors.

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.