MBM Wealth Consultants LLC Boosts Position in The Home Depot, Inc. (NYSE:HD)

Posted by Defense World Staff on Oct 9th, 2023

MBM Wealth Consultants LLC boosted its position in shares of The Home Depot, Inc. (NYSE:HD – Free Report) by 16.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,251 shares of the home improvement retailer’s stock after acquiring an additional 462 shares during the quarter. MBM Wealth Consultants LLC’s holdings in Home Depot were worth $1,032,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of HD. Bank Julius Baer & Co. Ltd Zurich increased its position in Home Depot by 99,916.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 870,320,643 shares of the home improvement retailer’s stock valued at $270,356,404,000 after acquiring an additional 869,450,462 shares during the last quarter. Norges Bank purchased a new stake in Home Depot in the fourth quarter worth about $3,740,875,000. Moneta Group Investment Advisors LLC increased its position in Home Depot by 105,205.6% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,994,957 shares of the home improvement retailer’s stock worth $3,472,867,000 after buying an additional 10,984,516 shares in the last quarter. Providence Capital Advisors LLC increased its position in Home Depot by 30,077.5% in the first quarter. Providence Capital Advisors LLC now owns 6,140,519 shares of the home improvement retailer’s stock worth $20,806,000 after buying an additional 6,120,171 shares in the last quarter. Finally, Gateway Advisory LLC increased its position in Home Depot by 29,554.9% in the first quarter. Gateway Advisory LLC now owns 5,109,249 shares of the home improvement retailer’s stock worth $5,109,000 after buying an additional 5,092,020 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Morgan Stanley upped their price target on Home Depot from $320.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 16th. TheStreet upgraded Home Depot from a “c+” rating to an “a-” rating in a research report on Tuesday, August 15th. Barclays upped their price target on Home Depot from $310.00 to $333.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 15th. Wedbush upped their price objective on Home Depot from $290.00 to $350.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 16th. Finally, StockNews.com raised Home Depot from a “hold” rating to a “buy” rating in a research note on Saturday. Fourteen investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $339.27.

View Our Latest Stock Report on HD

Insider Activity

In other news, EVP Timothy A. Hourigan sold 12,120 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $325.40, for a total value of $3,943,848.00. Following the completion of the sale, the executive vice president now directly owns 73,049 shares of the company’s stock, valued at approximately $23,770,144.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Kimberly R. Scardino sold 1,600 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $326.69, for a total value of $522,704.00. Following the sale, the chief accounting officer now directly owns 8,281 shares in the company, valued at $2,705,319.89. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Timothy A. Hourigan sold 12,120 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $325.40, for a total value of $3,943,848.00. Following the completion of the sale, the executive vice president now owns 73,049 shares in the company, valued at $23,770,144.60. The disclosure for this sale can be found here. Insiders sold 19,811 shares of company stock valued at $6,441,376 in the last ninety days. Insiders own 0.19% of the company’s stock.

Home Depot Price Performance

NYSE:HD opened at $292.82 on Monday. The firm has a market capitalization of $292.84 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.03 and a beta of 0.96. The Home Depot, Inc. has a 1 year low of $267.86 and a 1 year high of $347.25. The business has a 50 day simple moving average of $320.63 and a 200-day simple moving average of $306.78. The company has a debt-to-equity ratio of 30.53, a current ratio of 1.31 and a quick ratio of 0.35.

Home Depot (NYSE:HD – Get Free Report) last posted its quarterly earnings data on Tuesday, August 15th. The home improvement retailer reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.45 by $0.20. The business had revenue of $42.92 billion during the quarter, compared to analyst estimates of $42.19 billion. Home Depot had a return on equity of 1,424.89% and a net margin of 10.48%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the company earned $5.05 EPS. Equities analysts forecast that The Home Depot, Inc. will post 15.24 EPS for the current year.

Home Depot Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Stockholders of record on Thursday, August 31st were paid a $2.09 dividend. This represents a $8.36 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend was Wednesday, August 30th. Home Depot’s payout ratio is 52.22%.

Home Depot declared that its board has approved a stock repurchase program on Tuesday, August 15th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the home improvement retailer to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

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.