DAVENPORT & Co LLC Reduces Stake in The Home Depot, Inc. (NYSE:HD)

Posted by Defense World Staff on Jul 17th, 2023

DAVENPORT & Co LLC lessened its stake in shares of The Home Depot, Inc. (NYSE:HD – Free Report) by 1.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 253,422 shares of the home improvement retailer’s stock after selling 4,446 shares during the quarter. DAVENPORT & Co LLC’s holdings in Home Depot were worth $74,304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of HD. Teamwork Financial Advisors LLC increased its stake in shares of Home Depot by 1.4% in the 4th quarter. Teamwork Financial Advisors LLC now owns 2,309 shares of the home improvement retailer’s stock worth $729,000 after acquiring an additional 31 shares during the last quarter. Retirement Planning Co of New England Inc. increased its position in Home Depot by 0.5% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 5,769 shares of the home improvement retailer’s stock worth $1,822,000 after purchasing an additional 31 shares during the last quarter. Summit Asset Management LLC raised its stake in Home Depot by 0.9% during the fourth quarter. Summit Asset Management LLC now owns 3,491 shares of the home improvement retailer’s stock worth $1,103,000 after purchasing an additional 31 shares during the period. Monterey Private Wealth Inc. boosted its holdings in Home Depot by 2.2% in the 4th quarter. Monterey Private Wealth Inc. now owns 1,495 shares of the home improvement retailer’s stock valued at $472,000 after purchasing an additional 32 shares during the last quarter. Finally, Edge Capital Group LLC grew its stake in shares of Home Depot by 0.3% in the 4th quarter. Edge Capital Group LLC now owns 12,708 shares of the home improvement retailer’s stock valued at $4,014,000 after buying an additional 33 shares during the period. 69.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

HD has been the topic of several analyst reports. Guggenheim reduced their price target on shares of Home Depot from $335.00 to $320.00 in a research report on Wednesday, May 17th. Wells Fargo & Company upped their price target on Home Depot from $325.00 to $345.00 in a research note on Thursday, June 8th. Loop Capital raised their price objective on Home Depot from $280.00 to $300.00 in a research report on Wednesday, June 14th. Jefferies Financial Group upped their target price on shares of Home Depot from $337.00 to $349.00 in a research report on Wednesday, June 14th. Finally, The Goldman Sachs Group dropped their price target on shares of Home Depot from $340.00 to $330.00 in a research report on Tuesday, May 16th. Twelve equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $324.50.

Home Depot Stock Up 0.6 %

Shares of NYSE HD opened at $316.50 on Monday. The Home Depot, Inc. has a 1 year low of $265.61 and a 1 year high of $347.25. The company has a market capitalization of $318.20 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 2.06 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. The business has a 50-day moving average of $299.13 and a two-hundred day moving average of $302.22.

Home Depot (NYSE:HD – Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $37.26 billion during the quarter, compared to the consensus estimate of $38.35 billion. During the same period in the prior year, the company posted $4.09 earnings per share. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. On average, analysts forecast that The Home Depot, Inc. will post 14.97 earnings per share for the current fiscal year.

Home Depot Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were paid a dividend of $2.09 per share. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $8.36 annualized dividend and a yield of 2.64%. Home Depot’s dividend payout ratio is currently 50.94%.

Insider Activity at Home Depot

In other Home Depot news, EVP Hector A. Padilla sold 1,502 shares of the firm’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 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 filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by corporate insiders.

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.