The Home Depot, Inc. (NYSE:HD) Holdings Cut by Stewart & Patten Co. LLC

Posted by Defense World Staff on Apr 13th, 2023

Stewart & Patten Co. LLC reduced its position in The Home Depot, Inc. (NYSE:HD – Get Rating) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 84,590 shares of the home improvement retailer’s stock after selling 679 shares during the quarter. Home Depot comprises approximately 4.6% of Stewart & Patten Co. LLC’s investment portfolio, making the stock its 5th biggest holding. Stewart & Patten Co. LLC’s holdings in Home Depot were worth $26,719,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of HD. BCK Partners Inc. purchased a new stake in Home Depot during the 1st quarter valued at about $2,933,000. Fairfield Bush & CO. acquired a new stake in Home Depot during the 1st quarter worth approximately $27,000. Ergoteles LLC acquired a new stake in Home Depot during the 1st quarter worth approximately $1,554,000. Equitable Holdings Inc. raised its holdings in shares of Home Depot by 7.4% in the 1st quarter. Equitable Holdings Inc. now owns 14,628 shares of the home improvement retailer’s stock valued at $4,379,000 after purchasing an additional 1,007 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Home Depot by 3.2% in the 1st quarter. First Trust Advisors LP now owns 791,318 shares of the home improvement retailer’s stock valued at $236,865,000 after buying an additional 24,640 shares during the last quarter. 68.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

HD has been the subject of several recent analyst reports. Barclays reduced their price objective on shares of Home Depot from $323.00 to $310.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 22nd. Citigroup reduced their price target on shares of Home Depot from $340.00 to $332.00 and set a “buy” rating on the stock in a research report on Wednesday, February 22nd. Bank of America lowered their price objective on shares of Home Depot from $360.00 to $346.00 in a research note on Wednesday, February 22nd. Telsey Advisory Group reduced their price target on Home Depot from $360.00 to $340.00 and set an “outperform” rating for the company in a report on Wednesday, February 22nd. Finally, Cowen cut their price target on Home Depot from $379.00 to $360.00 and set an “outperform” rating for the company in a report on Wednesday, February 22nd. Thirteen equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $329.89.

Home Depot Price Performance

Shares of HD stock opened at $290.44 on Thursday. The company has a market capitalization of $294.12 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93. The firm has a fifty day simple moving average of $299.53 and a 200-day simple moving average of $304.37. The company has a current ratio of 1.41, a quick ratio of 0.33 and a debt-to-equity ratio of 26.86. The Home Depot, Inc. has a twelve month low of $264.51 and a twelve month high of $347.25.

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

Home Depot Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 23rd. Stockholders of record on Thursday, March 9th were given a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.88%. This is a positive change from Home Depot’s previous quarterly dividend of $1.90. The ex-dividend date was Wednesday, March 8th. Home Depot’s dividend payout ratio is 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.