Dorsal Capital Management LP Decreases Stock Position in The Home Depot, Inc. (NYSE:HD)

Dorsal Capital Management LP lowered its position in The Home Depot, Inc. (NYSE:HD) by 7.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 325,000 shares of the home improvement retailer’s stock after selling 25,000 shares during the period. Home Depot makes up approximately 3.0% of Dorsal Capital Management LP’s investment portfolio, making the stock its 12th biggest holding. Dorsal Capital Management LP’s holdings in Home Depot were worth $126,422,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of HD. Synergy Asset Management LLC bought a new position in shares of Home Depot during the 4th quarter worth $26,000. Wingate Wealth Advisors Inc. bought a new position in shares of Home Depot during the 4th quarter worth approximately $28,000. Navigoe LLC purchased a new stake in shares of Home Depot during the 4th quarter valued at $29,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in Home Depot in the fourth quarter worth about $32,000. Finally, Quarry LP boosted its stake in Home Depot by 220.0% in the 4th quarter. Quarry LP now owns 96 shares of the home improvement retailer’s stock worth $37,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 70.86% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on HD. Piper Sandler dropped their price target on Home Depot from $435.00 to $418.00 and set an “overweight” rating on the stock in a research note on Monday, March 24th. Gordon Haskett downgraded shares of Home Depot from a “buy” rating to a “hold” rating in a report on Friday, April 4th. Hsbc Global Res raised shares of Home Depot from a “moderate sell” rating to a “hold” rating in a report on Wednesday, February 26th. Wells Fargo & Company upped their price target on shares of Home Depot from $440.00 to $450.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Morgan Stanley reduced their price objective on Home Depot from $450.00 to $410.00 and set an “overweight” rating for the company in a research note on Monday. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $430.12.

Home Depot Price Performance

Home Depot stock opened at $359.58 on Wednesday. The company has a fifty day simple moving average of $359.78 and a 200-day simple moving average of $389.58. The firm has a market capitalization of $357.43 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 4.03 and a beta of 1.05. 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 Home Depot, Inc. has a 52-week low of $323.77 and a 52-week high of $439.37.

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

Home Depot Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a $2.30 dividend. This represents a $9.20 annualized dividend and a yield of 2.56%. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. The ex-dividend date of this dividend was Thursday, March 13th. Home Depot’s payout ratio is presently 61.66%.

Home Depot 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.