Red Cedar Investment Management LLC Acquires 3,722 Shares of The Home Depot, Inc. (NYSE:HD)

Posted by on Jul 14th, 2023

Red Cedar Investment Management LLC boosted its holdings in The Home Depot, Inc. (NYSE:HD – Free Report) by 47.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,501 shares of the home improvement retailer’s stock after buying an additional 3,722 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Home Depot were worth $3,394,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BCK Partners Inc. bought a new position in Home Depot during the 1st quarter worth approximately $2,933,000. Fairfield Bush & CO. bought a new position in Home Depot during the 1st quarter worth approximately $27,000. Ergoteles LLC bought a new position in Home Depot during the 1st quarter worth approximately $1,554,000. Equitable Holdings Inc. raised its holdings in Home Depot by 7.4% during the 1st quarter. Equitable Holdings Inc. now owns 14,628 shares of the home improvement retailer’s stock worth $4,379,000 after purchasing an additional 1,007 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Home Depot by 3.2% during the 1st quarter. First Trust Advisors LP now owns 791,318 shares of the home improvement retailer’s stock worth $236,865,000 after purchasing an additional 24,640 shares during the last quarter. Institutional investors own 69.91% of the company’s stock.

Insider Activity

In other news, EVP Hector A. Padilla sold 1,502 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was 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 in the company, valued at $4,090,950.22. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Home Depot from $340.00 to $320.00 in a research report on Wednesday, May 17th. Wells Fargo & Company raised their price objective on shares of Home Depot from $325.00 to $345.00 in a research report on Thursday, June 8th. Sanford C. Bernstein reduced their price objective on shares of Home Depot from $333.00 to $314.00 in a research report on Wednesday, May 17th. Guggenheim reduced their price objective on shares of Home Depot from $335.00 to $320.00 in a research report on Wednesday, May 17th. Finally, Robert W. Baird raised their price objective on shares of Home Depot from $310.00 to $330.00 in a research report on Tuesday, June 13th. Twelve equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $323.43.

Home Depot Trading Down 0.9 %

Shares of Home Depot stock opened at $314.58 on Friday. The Home Depot, Inc. has a 52-week low of $265.61 and a 52-week high of $347.25. The stock’s 50-day simple moving average is $298.59 and its 200 day simple moving average is $302.45. The stock has a market capitalization of $316.27 billion, a P/E ratio of 19.17, a P/E/G ratio of 2.04 and a beta of 0.94. The company has a debt-to-equity ratio of 113.02, a quick ratio of 0.28 and a current ratio of 1.27.

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

Home Depot Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were given a dividend of $2.09 per share. This represents a $8.36 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Wednesday, May 31st. Home Depot’s dividend payout ratio is presently 50.94%.

Home Depot Profile

(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.

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

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