Berkshire Bank Reduces Position in The Home Depot, Inc. (NYSE:HD)

Posted by on Jun 23rd, 2023

Berkshire Bank lessened its position in shares of The Home Depot, Inc. (NYSE:HD – Get Rating) by 5.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,211 shares of the home improvement retailer’s stock after selling 1,007 shares during the quarter. Home Depot comprises 1.7% of Berkshire Bank’s investment portfolio, making the stock its 12th biggest holding. Berkshire Bank’s holdings in Home Depot were worth $5,670,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in HD. Fairfield Bush & CO. purchased a new position in shares of Home Depot in the 1st quarter valued at approximately $27,000. Align Wealth Management LLC purchased a new position in shares of Home Depot in the 4th quarter valued at approximately $30,000. Glassy Mountain Advisors Inc. purchased a new position in shares of Home Depot in the 4th quarter valued at approximately $30,000. Studio Investment Management LLC purchased a new position in shares of Home Depot in the 4th quarter valued at approximately $32,000. Finally, EWG Elevate Inc. acquired a new stake in shares of Home Depot in the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 69.91% of the company’s stock.

Home Depot Stock Performance

Home Depot stock opened at $301.19 on Friday. The firm has a market capitalization of $302.81 billion, a P/E ratio of 18.35, a PEG ratio of 1.93 and a beta of 0.93. The stock has a fifty day moving average price of $294.48 and a 200 day moving average price of $303.80. The Home Depot, Inc. has a 52 week low of $265.61 and a 52 week high of $347.25. The company has a current ratio of 1.27, a quick ratio of 0.28 and a debt-to-equity ratio of 113.02.

Home Depot (NYSE:HD – Get Rating) last issued its quarterly earnings results on Tuesday, May 16th. The home improvement retailer reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $3.80 by $0.02. The firm had revenue of $37.26 billion during the quarter, compared to the consensus estimate of $38.35 billion. Home Depot had a return on equity of 1,936.63% and a net margin of 10.75%. Home Depot’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.09 earnings per share. Equities research analysts anticipate that The Home Depot, Inc. will post 14.97 earnings per share for the current year.

Home Depot Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were issued a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Wednesday, May 31st. Home Depot’s dividend payout ratio is currently 50.94%.

Insider Activity at Home Depot

In related news, EVP Hector A. Padilla sold 1,502 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $293.09, for a total value of $440,221.18. Following the completion of the transaction, the executive vice president now owns 13,958 shares of the company’s stock, valued at $4,090,950.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on HD shares. Loop Capital raised their price target on Home Depot from $280.00 to $300.00 in a report on Wednesday, June 14th. Morgan Stanley reduced their price target on Home Depot from $340.00 to $320.00 in a report on Wednesday, May 17th. Citigroup reduced their price target on Home Depot from $332.00 to $327.00 in a report on Wednesday, May 10th. Wedbush reduced their price target on Home Depot from $300.00 to $290.00 in a report on Wednesday, May 17th. Finally, Telsey Advisory Group reduced their price target on Home Depot from $340.00 to $315.00 and set an “outperform” rating for the company in a report on Wednesday, May 17th. Thirteen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Home Depot currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.43.

About Home Depot

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The Home Depot, Inc operates as a home improvement retailer. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.

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

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