Penobscot Investment Management Company Inc. Reduces Position in The Home Depot, Inc. (NYSE:HD)

Penobscot Investment Management Company Inc. reduced its holdings in The Home Depot, Inc. (NYSE:HD) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,322 shares of the home improvement retailer’s stock after selling 782 shares during the period. Home Depot makes up 1.5% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 14th biggest position. Penobscot Investment Management Company Inc.’s holdings in Home Depot were worth $16,463,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HD. Morey & Quinn Wealth Partners LLC acquired a new position in shares of Home Depot during the 4th quarter valued at about $1,018,000. Murphy & Mullick Capital Management Corp acquired a new position in Home Depot in the 4th quarter valued at about $639,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Home Depot by 2.3% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 548,566 shares of the home improvement retailer’s stock valued at $213,387,000 after buying an additional 12,488 shares during the period. Florida Financial Advisors LLC increased its holdings in shares of Home Depot by 1.9% during the 4th quarter. Florida Financial Advisors LLC now owns 4,829 shares of the home improvement retailer’s stock worth $1,878,000 after buying an additional 88 shares during the last quarter. Finally, Aire Advisors LLC raised its position in shares of Home Depot by 3.5% during the 4th quarter. Aire Advisors LLC now owns 3,047 shares of the home improvement retailer’s stock valued at $1,185,000 after buying an additional 102 shares during the period. 70.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HD has been the subject of several analyst reports. Hsbc Global Res raised Home Depot from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, February 26th. 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, February 26th. Piper Sandler lowered their target price on shares of Home Depot from $435.00 to $418.00 and set an “overweight” rating for the company in a research note on Monday. HSBC raised shares of Home Depot from a “reduce” rating to a “hold” rating and boosted their price target for the company from $356.00 to $410.00 in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada lowered their price objective on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $435.85.

Home Depot Price Performance

Shares of NYSE:HD opened at $360.90 on Wednesday. The Home Depot, Inc. has a 12 month low of $323.77 and a 12 month high of $439.37. 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 debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.31. The company’s fifty day moving average price is $392.82 and its 200 day moving average price is $399.16.

Home Depot (NYSE:HD) last posted its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.09. The business had revenue of $39.70 billion for the quarter, compared to analysts’ expectations of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.82 earnings per share. As a group, sell-side analysts predict that The Home Depot, Inc. will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The firm also recently announced 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 is Thursday, March 13th. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.55%. 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.