Covenant Asset Management LLC Raises Stake in The Home Depot, Inc. (NYSE:HD)

Posted by Defense World Staff on Jul 16th, 2023

Covenant Asset Management LLC raised its position in shares of The Home Depot, Inc. (NYSE:HD – Free Report) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,626 shares of the home improvement retailer’s stock after purchasing an additional 135 shares during the quarter. Covenant Asset Management LLC’s holdings in Home Depot were worth $1,660,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC purchased a new position in shares of Home Depot in the first quarter worth $1,079,000. Lincoln Capital LLC lifted its holdings in shares of Home Depot by 1.0% in the first quarter. Lincoln Capital LLC now owns 3,777 shares of the home improvement retailer’s stock worth $1,115,000 after buying an additional 36 shares in the last quarter. FORVIS Wealth Advisors LLC lifted its holdings in shares of Home Depot by 4.2% in the first quarter. FORVIS Wealth Advisors LLC now owns 8,229 shares of the home improvement retailer’s stock worth $2,429,000 after buying an additional 334 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of Home Depot by 15.3% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 3,522 shares of the home improvement retailer’s stock worth $1,039,000 after buying an additional 467 shares in the last quarter. Finally, Breakwater Capital Group lifted its holdings in shares of Home Depot by 4.7% in the first quarter. Breakwater Capital Group now owns 3,999 shares of the home improvement retailer’s stock worth $1,180,000 after buying an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 69.91% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Robert W. Baird boosted their target price on shares of Home Depot from $310.00 to $330.00 in a report on Tuesday, June 13th. Morgan Stanley lowered their target price on shares of Home Depot from $340.00 to $320.00 in a report on Wednesday, May 17th. Wedbush reduced their price target on shares of Home Depot from $300.00 to $290.00 in a research report on Wednesday, May 17th. Jefferies Financial Group boosted their price target on shares of Home Depot from $337.00 to $349.00 in a research report on Wednesday, June 14th. Finally, Credit Suisse Group reduced their price target on shares of Home Depot from $320.00 to $310.00 in a research report on Wednesday, May 17th. Twelve analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $324.50.

Insider Buying and Selling

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

Home Depot Stock Up 0.6 %

NYSE:HD opened at $316.50 on Friday. The Home Depot, Inc. has a 1-year low of $265.61 and a 1-year high of $347.25. The company has a 50-day moving average of $299.13 and a 200 day moving average of $302.32. The firm has a market cap of $318.20 billion, a PE ratio of 19.29, a price-to-earnings-growth ratio of 2.04 and a beta of 0.94. 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 – Get 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. Home Depot had a net margin of 10.75% and a return on equity of 1,936.63%. The company had revenue of $37.26 billion during the quarter, compared to analyst estimates of $38.35 billion. During the same period in the prior year, the firm earned $4.09 earnings per share. The firm’s revenue for the quarter 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 fiscal year.

Home Depot Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were paid a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Wednesday, May 31st. Home Depot’s dividend payout ratio (DPR) is presently 50.94%.

Home Depot Company 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.