Titleist Asset Management LTD. Trims Position in The Home Depot, Inc. (NYSE:HD)

Posted by on Mar 22nd, 2023

Titleist Asset Management LTD. lessened its position in shares of The Home Depot, Inc. (NYSE:HD – Get Rating) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,122 shares of the home improvement retailer’s stock after selling 73 shares during the quarter. Titleist Asset Management LTD.’s holdings in Home Depot were worth $670,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of HD. Renaissance Technologies LLC purchased a new stake in Home Depot in the first quarter worth about $563,524,000. Public Investment Fund purchased a new stake in Home Depot in the second quarter worth about $450,346,000. Charles Schwab Investment Management Inc. increased its position in Home Depot by 14.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 10,729,735 shares of the home improvement retailer’s stock worth $3,211,731,000 after buying an additional 1,361,660 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in Home Depot in the third quarter worth about $341,915,000. Finally, Vanguard Group Inc. boosted its stake in shares of Home Depot by 1.1% in the third quarter. Vanguard Group Inc. now owns 94,440,614 shares of the home improvement retailer’s stock worth $26,059,943,000 after acquiring an additional 1,011,858 shares during the period. Hedge funds and other institutional investors own 68.31% of the company’s stock.

Home Depot Trading Up 0.1 %

Shares of NYSE HD opened at $289.43 on Wednesday. The company has a debt-to-equity ratio of 26.86, a quick ratio of 0.33 and a current ratio of 1.41. The business’s 50 day moving average price is $309.51 and its 200-day moving average price is $303.69. The Home Depot, Inc. has a fifty-two week low of $264.51 and a fifty-two week high of $347.25. The company has a market cap of $293.76 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 1.62 and a beta of 0.93.

Home Depot (NYSE:HD – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The home improvement retailer reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.04. Home Depot had a negative return on equity of 3,656.69% and a net margin of 10.87%. The firm had revenue of $35.83 billion for the quarter, compared to the consensus estimate of $36 billion. During the same period in the prior year, the business posted $3.21 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side analysts expect that The Home Depot, Inc. will post 15.85 earnings per share for the current year.

Home Depot Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Thursday, March 9th will be issued a $2.09 dividend. This represents a $8.36 annualized dividend and a dividend yield of 2.89%. This is an increase from Home Depot’s previous quarterly dividend of $1.90. The ex-dividend date is Wednesday, March 8th. Home Depot’s dividend payout ratio is presently 50.12%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on HD shares. Loop Capital dropped their price objective on Home Depot from $310.00 to $300.00 and set a “hold” rating for the company in a research note on Wednesday, February 22nd. Evercore ISI dropped their price objective on Home Depot from $370.00 to $340.00 and set an “outperform” rating for the company in a research note on Wednesday, February 22nd. UBS Group dropped their price objective on Home Depot from $350.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 22nd. Cowen dropped their price objective on Home Depot from $379.00 to $360.00 and set an “outperform” rating for the company in a research note on Wednesday, February 22nd. Finally, Sanford C. Bernstein started coverage on Home Depot in a research note on Tuesday, December 6th. They issued a “market perform” rating and a $337.00 price objective for the company. Thirteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Home Depot currently has an average rating of “Moderate Buy” and a consensus price target of $331.45.

Home Depot Profile

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The Home Depot, Inc engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products and decor products. The firm operates through the following geographical segments: U.S., Canada and Mexico. It offers home improvement installation services, and tool and equipment rental.

Further Reading

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Institutional Ownership by Quarter for Home Depot (NYSE:HD)

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