Truist Financial Has Lowered Expectations for Home Depot (NYSE:HD) Stock Price

Home Depot (NYSE:HD) had its price target decreased by Truist Financial from $437.00 to $391.00 in a research note published on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the home improvement retailer’s stock.

Several other brokerages have also recently issued reports on HD. Telsey Advisory Group restated an “outperform” rating and issued a $455.00 target price on shares of Home Depot in a report on Wednesday, February 26th. HSBC raised shares of Home Depot from a “reduce” rating to a “hold” rating and upped their price objective for the company from $356.00 to $410.00 in a report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and set a $450.00 target price on shares of Home Depot in a research note on Wednesday, February 26th. Wedbush reiterated an “outperform” rating and issued a $440.00 target price on shares of Home Depot in a report on Wednesday, February 26th. Finally, Royal Bank of Canada cut their price target on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $434.08.

Home Depot Price Performance

Shares of NYSE HD opened at $353.38 on Tuesday. The firm has a 50-day simple moving average of $376.45 and a 200-day simple moving average of $396.27. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65. The stock has a market capitalization of $351.27 billion, a price-to-earnings ratio of 24.01, a price-to-earnings-growth ratio of 4.03 and a beta of 1.09. Home Depot has a 52 week low of $323.77 and a 52 week high of $439.37.

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

Home Depot Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a dividend of $2.30 per share. This is an increase from Home Depot’s previous quarterly dividend of $2.25. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $9.20 annualized dividend and a yield of 2.60%. Home Depot’s dividend payout ratio is 61.66%.

Hedge Funds Weigh In On Home Depot

Several hedge funds and other institutional investors have recently made changes to their positions in HD. Principal Financial Group Inc. increased its holdings in shares of Home Depot by 10.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,471,223 shares of the home improvement retailer’s stock valued at $596,140,000 after acquiring an additional 141,915 shares during the last quarter. United Bank boosted its holdings in Home Depot by 4.2% in the third quarter. United Bank now owns 4,458 shares of the home improvement retailer’s stock valued at $1,806,000 after purchasing an additional 181 shares in the last quarter. Morse Asset Management Inc increased its stake in Home Depot by 12.9% in the third quarter. Morse Asset Management Inc now owns 30,497 shares of the home improvement retailer’s stock valued at $12,357,000 after purchasing an additional 3,493 shares during the last quarter. Groupama Asset Managment raised its holdings in Home Depot by 9.9% during the third quarter. Groupama Asset Managment now owns 41,392 shares of the home improvement retailer’s stock worth $168,000 after purchasing an additional 3,734 shares in the last quarter. Finally, Executive Wealth Management LLC purchased a new stake in shares of Home Depot during the 3rd quarter worth approximately $9,802,000. Hedge funds and other institutional investors own 70.86% of the company’s stock.

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.