Newbridge Financial Services Group Inc. Reduces Position in The Home Depot, Inc. (NYSE:HD)

Posted by Defense World Staff on Jul 1st, 2023

Newbridge Financial Services Group Inc. lessened its holdings in shares of The Home Depot, Inc. (NYSE:HD – Free Report) by 14.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,312 shares of the home improvement retailer’s stock after selling 543 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Home Depot were worth $977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. BCK Partners Inc. bought a new stake in Home Depot in the 1st quarter valued at $2,933,000. Fairfield Bush & CO. bought a new stake in Home Depot in the 1st quarter valued at $27,000. Ergoteles LLC bought a new stake in Home Depot in the 1st quarter valued at $1,554,000. Equitable Holdings Inc. increased its holdings in 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 acquiring an additional 1,007 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in 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 acquiring an additional 24,640 shares during the last quarter. Hedge funds and other institutional investors own 69.91% of the company’s stock.

Insider Buying and Selling

In related news, EVP Hector A. Padilla sold 1,502 shares of the stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $293.09, for a total transaction of $440,221.18. Following the sale, the executive vice president now directly owns 13,958 shares of the company’s stock, valued at $4,090,950.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HD. Citigroup reduced their target price on shares of Home Depot from $332.00 to $327.00 in a report on Wednesday, May 10th. StockNews.com began coverage on shares of Home Depot in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Jefferies Financial Group boosted their target price on shares of Home Depot from $337.00 to $349.00 in a report on Wednesday, June 14th. Sanford C. Bernstein reduced their target price on shares of Home Depot from $333.00 to $314.00 in a report on Wednesday, May 17th. Finally, Morgan Stanley cut their price target on shares of Home Depot from $340.00 to $320.00 in a report on Wednesday, May 17th. Twelve research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Home Depot has a consensus rating of “Moderate Buy” and an average target price of $323.43.

Home Depot Stock Up 0.9 %

NYSE:HD opened at $310.54 on Friday. The firm has a market capitalization of $312.21 billion, a P/E ratio of 18.92, a PEG ratio of 1.99 and a beta of 0.93. The Home Depot, Inc. has a 1-year low of $265.61 and a 1-year high of $347.25. The company’s fifty day moving average price is $295.79 and its 200-day moving average price is $303.23. The company has a debt-to-equity ratio of 113.02, a current ratio of 1.27 and a quick ratio of 0.28.

Home Depot (NYSE:HD – Free Report) last released its quarterly earnings data on Tuesday, May 16th. The home improvement retailer reported $3.82 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.02. The firm had revenue of $37.26 billion for the quarter, compared to analyst estimates of $38.35 billion. Home Depot had a net margin of 10.75% and a return on equity of 1,936.63%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.09 earnings per share. As a group, equities research analysts anticipate that The Home Depot, Inc. will post 14.97 EPS for the current year.

Home Depot Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were issued a dividend of $2.09 per share. This represents a $8.36 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Wednesday, May 31st. Home Depot’s dividend payout ratio (DPR) is presently 50.94%.

About Home Depot

(Free Report)

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.