DA Davidson Cuts Home Depot (NYSE:HD) Price Target to $450.00

Home Depot (NYSE:HD) had its price target cut by DA Davidson from $470.00 to $450.00 in a research note published on Tuesday.

Several other research firms have also commented on HD. Wedbush reissued an “outperform” rating and issued a $440.00 price target on shares of Home Depot in a research report on Wednesday, February 26th. Wells Fargo & Company reduced their target price on Home Depot from $445.00 to $420.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Royal Bank of Canada reduced their target price on Home Depot from $431.00 to $424.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Morgan Stanley reduced their target price on Home Depot from $450.00 to $410.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. Finally, KGI Securities raised Home Depot to a “strong-buy” rating in a research report on Monday, March 3rd. Nine equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $424.60.

Home Depot Price Performance

HD opened at $376.84 on Tuesday. The business has a fifty day moving average of $358.99 and a 200 day moving average of $387.78. Home Depot has a 52-week low of $323.77 and a 52-week high of $439.37. 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 cap of $374.59 billion, a P/E ratio of 25.60, a PEG ratio of 4.03 and a beta of 1.05.

Home Depot (NYSE:HD) last released its quarterly earnings results on Tuesday, May 20th. The home improvement retailer reported $3.56 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.03). The company had revenue of $39.86 billion during the quarter, compared to the consensus estimate of $39.24 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The company’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.63 earnings per share. As a group, sell-side analysts anticipate that Home Depot will post 15.13 EPS for the current year.

Home Depot Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a $2.30 dividend. 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 dividend on an annualized basis and a dividend yield of 2.44%. Home Depot’s dividend payout ratio is presently 61.66%.

Institutional Trading of Home Depot

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Home Depot by 0.8% during the first quarter. Vanguard Group Inc. now owns 96,484,199 shares of the home improvement retailer’s stock worth $35,360,494,000 after purchasing an additional 720,447 shares in the last quarter. Geode Capital Management LLC boosted its position in Home Depot by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 21,957,463 shares of the home improvement retailer’s stock worth $8,525,046,000 after purchasing an additional 257,036 shares in the last quarter. Asset Planning Services Inc. LA ADV boosted its position in Home Depot by 99,400.7% during the first quarter. Asset Planning Services Inc. LA ADV now owns 18,975,772 shares of the home improvement retailer’s stock worth $6,954,431,000 after purchasing an additional 18,956,701 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Home Depot by 6.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,415,278 shares of the home improvement retailer’s stock worth $5,282,398,000 after purchasing an additional 891,326 shares in the last quarter. Finally, Norges Bank purchased a new position in Home Depot during the fourth quarter worth approximately $5,032,910,000. Hedge funds and other 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.