Tower Bridge Advisors Has $10.37 Million Stake in The Home Depot, Inc. (NYSE:HD)

Posted by on Apr 11th, 2023

Tower Bridge Advisors increased its stake in The Home Depot, Inc. (NYSE:HD – Get Rating) by 0.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 32,843 shares of the home improvement retailer’s stock after purchasing an additional 216 shares during the quarter. Tower Bridge Advisors’ holdings in Home Depot were worth $10,374,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Cottage Street Advisors LLC grew its position in shares of Home Depot by 26,657.7% in the fourth quarter. Cottage Street Advisors LLC now owns 3,580,444 shares of the home improvement retailer’s stock valued at $659,000 after purchasing an additional 3,567,063 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Home Depot during the 1st quarter valued at approximately $563,524,000. Charles Schwab Investment Management Inc. grew its holdings in Home Depot by 14.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,729,735 shares of the home improvement retailer’s stock valued at $3,211,731,000 after buying an additional 1,361,660 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Home Depot in the 3rd quarter worth approximately $341,915,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Home Depot by 1.1% during 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 buying an additional 1,011,858 shares during the last quarter. Institutional investors own 68.31% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on HD shares. Barclays lowered their price objective on shares of Home Depot from $323.00 to $310.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 22nd. Cowen decreased their price target on shares of Home Depot from $379.00 to $360.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 22nd. DA Davidson cut their price objective on shares of Home Depot from $334.00 to $306.00 and set a “neutral” rating for the company in a research report on Wednesday, February 22nd. Citigroup reduced their target price on shares of Home Depot from $340.00 to $332.00 and set a “buy” rating for the company in a research note on Wednesday, February 22nd. Finally, Truist Financial lowered 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $329.89.

Home Depot Stock Up 0.9 %

Shares of HD opened at $291.17 on Tuesday. The business’s 50 day simple moving average is $300.14 and its 200-day simple moving average is $304.21. The Home Depot, Inc. has a one year low of $264.51 and a one year high of $347.25. The company has a market capitalization of $294.86 billion, a P/E ratio of 17.46, a PEG ratio of 1.67 and a beta of 0.93. The company has a debt-to-equity ratio of 26.86, a current ratio of 1.41 and a quick ratio of 0.33.

Home Depot (NYSE:HD – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The home improvement retailer reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.26 by $0.04. The company had revenue of $35.83 billion for the quarter, compared to analyst estimates of $36 billion. Home Depot had a return on equity of 4,929.40% and a net margin of 10.87%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.21 earnings per share. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th were issued a dividend of $2.09 per share. The ex-dividend date was Wednesday, March 8th. This represents a $8.36 dividend on an annualized basis and a yield of 2.87%. This is a positive change from Home Depot’s previous quarterly dividend of $1.90. Home Depot’s dividend payout ratio is currently 50.12%.

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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