Suncoast Equity Management Has $34.67 Million Stake in The Home Depot, Inc. (NYSE:HD)

Posted by on Apr 11th, 2023

Suncoast Equity Management decreased its position in shares of The Home Depot, Inc. (NYSE:HD – Get Rating) by 3.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,771 shares of the home improvement retailer’s stock after selling 4,446 shares during the period. Home Depot makes up about 6.4% of Suncoast Equity Management’s investment portfolio, making the stock its 4th largest position. Suncoast Equity Management’s holdings in Home Depot were worth $34,672,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in HD. First Personal Financial Services boosted its holdings in Home Depot by 81.1% during the 3rd quarter. First Personal Financial Services now owns 96 shares of the home improvement retailer’s stock valued at $26,000 after acquiring an additional 43 shares during the period. Fairfield Bush & CO. bought a new stake in shares of Home Depot during the first quarter worth $27,000. Align Wealth Management LLC purchased a new stake in shares of Home Depot during the fourth quarter valued at $30,000. Glassy Mountain Advisors Inc. purchased a new stake in shares of Home Depot during the fourth quarter valued at $30,000. Finally, Bellwether Advisors LLC grew its holdings in shares of Home Depot by 74.0% in the third quarter. Bellwether Advisors LLC now owns 127 shares of the home improvement retailer’s stock worth $35,000 after purchasing an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 68.31% of the company’s stock.

Home Depot Price Performance

Shares of HD stock opened at $291.17 on Tuesday. 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 debt-to-equity ratio of 26.86, a quick ratio of 0.33 and a current ratio of 1.41. The firm has a market capitalization of $294.86 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 1.67 and a beta of 0.93. The stock’s 50-day simple moving average is $300.14 and its 200-day simple moving average is $304.21.

Home Depot (NYSE:HD – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The home improvement retailer reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.26 by $0.04. The business had revenue of $35.83 billion during the quarter, compared to analysts’ expectations of $36 billion. Home Depot had a net margin of 10.87% and a return on equity of 4,929.40%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $3.21 earnings per share. As a group, equities analysts forecast that The Home Depot, Inc. will post 15.85 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th were paid a dividend of $2.09 per share. This represents a $8.36 annualized dividend and a yield of 2.87%. The ex-dividend date was Wednesday, March 8th. This is an increase from Home Depot’s previous quarterly dividend of $1.90. Home Depot’s payout ratio is presently 50.12%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America lowered their price objective on shares of Home Depot from $360.00 to $346.00 in a research report on Wednesday, February 22nd. Evercore ISI lowered their price target on Home Depot from $370.00 to $340.00 and set an “outperform” rating for the company in a report on Wednesday, February 22nd. Robert W. Baird reduced their price objective on Home Depot from $360.00 to $340.00 and set an “outperform” rating on the stock in a report on Tuesday, February 21st. Roth Mkm lowered their target price on Home Depot from $312.00 to $292.00 and set a “neutral” rating for the company in a report on Wednesday, February 22nd. Finally, Truist Financial cut their price target on Home Depot from $382.00 to $352.00 in a research note on Wednesday, February 22nd. Thirteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Home Depot has a consensus rating of “Moderate Buy” and a consensus price target of $329.89.

About Home Depot

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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

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

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