Covenant Asset Management LLC Has $1.73 Million Stock Holdings in The Home Depot, Inc. (NYSE:HD)

Posted by on Apr 5th, 2023

Covenant Asset Management LLC increased its position in The Home Depot, Inc. (NYSE:HD – Get Rating) by 2.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,491 shares of the home improvement retailer’s stock after purchasing an additional 115 shares during the quarter. Covenant Asset Management LLC’s holdings in Home Depot were worth $1,734,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Personal Financial Services raised its holdings in shares of Home Depot by 81.1% in the 3rd quarter. First Personal Financial Services now owns 96 shares of the home improvement retailer’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Fairfield Bush & CO. bought a new stake in shares of Home Depot in the 1st quarter valued at about $27,000. Align Wealth Management LLC bought a new stake in shares of Home Depot in the 4th quarter valued at about $30,000. Glassy Mountain Advisors Inc. bought a new stake in shares of Home Depot in the 4th quarter valued at about $30,000. Finally, Bellwether Advisors LLC raised its holdings in shares of Home Depot by 74.0% in the 3rd quarter. Bellwether Advisors LLC now owns 127 shares of the home improvement retailer’s stock valued at $35,000 after purchasing an additional 54 shares during the period. 68.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on HD. Citigroup lowered their price target on shares of Home Depot from $340.00 to $332.00 and set a “buy” rating on the stock in a report on Wednesday, February 22nd. Morgan Stanley lowered their price target on shares of Home Depot from $360.00 to $340.00 and set an “overweight” rating on the stock in a report on Wednesday, February 22nd. Barclays lowered their price target on shares of Home Depot from $323.00 to $310.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 22nd. StockNews.com began coverage on shares of Home Depot in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Evercore ISI lowered their price target on shares of Home Depot from $370.00 to $340.00 and set an “outperform” rating on the stock in a report on Wednesday, February 22nd. Thirteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $330.61.

Home Depot Stock Down 0.9 %

Home Depot stock opened at $294.96 on Wednesday. The Home Depot, Inc. has a fifty-two week low of $264.51 and a fifty-two week high of $347.25. The stock has a market cap of $299.37 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 1.71 and a beta of 0.93. The firm’s 50-day simple moving average is $302.24 and its 200 day simple moving average is $303.78. The company has a debt-to-equity ratio of 26.86, a quick ratio of 0.33 and a current ratio of 1.41.

Home Depot (NYSE:HD – Get Rating) last released 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 net margin of 10.87% and a return on equity of 4,929.40%. The business had revenue of $35.83 billion for the quarter, compared to analysts’ expectations of $36 billion. During the same period in the previous year, the company earned $3.21 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts predict that The Home Depot, Inc. will post 15.85 EPS for the current fiscal year.

Home Depot Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 23rd. Stockholders of record on Thursday, March 9th were given a dividend of $2.09 per share. This is an increase from Home Depot’s previous quarterly dividend of $1.90. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date was Wednesday, March 8th. Home Depot’s dividend payout ratio is currently 50.12%.

Home Depot Company 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.

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

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