Home Depot (NYSE:HD) Stock Price Up 1.1% Following Analyst Upgrade

The Home Depot, Inc. (NYSE:HD) shares shot up 1.1% during trading on Friday after Telsey Advisory Group upgraded the stock from a market perform rating to an outperform rating. Telsey Advisory Group now has a $455.00 price target on the stock, up from their previous price target of $360.00. Home Depot traded as high as $404.59 and last traded at $403.89. 667,752 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 3,357,314 shares. The stock had previously closed at $399.44.

Several other equities research analysts have also issued reports on HD. Gordon Haskett raised shares of Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 target price for the company in a report on Wednesday, October 2nd. Guggenheim increased their price objective on shares of Home Depot from $390.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Daiwa America upgraded shares of Home Depot to a “hold” rating in a research report on Thursday, August 15th. UBS Group upped their target price on shares of Home Depot from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Piper Sandler increased their price target on Home Depot from $387.00 to $455.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Home Depot presently has a consensus rating of “Moderate Buy” and a consensus target price of $420.04.

Hedge Funds Weigh In On Home Depot

Several large investors have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its stake in Home Depot by 51,250.1% during the third quarter. International Assets Investment Management LLC now owns 8,779,833 shares of the home improvement retailer’s stock worth $35,575,880,000 after buying an additional 8,762,735 shares during the period. Legal & General Group Plc lifted its holdings in shares of Home Depot by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,515,343 shares of the home improvement retailer’s stock worth $2,931,328,000 after acquiring an additional 100,139 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Home Depot by 15.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,437,805 shares of the home improvement retailer’s stock worth $2,853,143,000 after purchasing an additional 971,833 shares during the period. Ameriprise Financial Inc. grew its holdings in Home Depot by 2.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 5,774,083 shares of the home improvement retailer’s stock valued at $1,980,883,000 after purchasing an additional 138,396 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Home Depot by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,643,176 shares of the home improvement retailer’s stock worth $1,598,316,000 after purchasing an additional 333,312 shares during the period. Institutional investors own 70.86% of the company’s stock.

Home Depot Trading Up 0.9 %

The company’s 50 day simple moving average is $393.80 and its 200-day simple moving average is $363.10. The firm has a market cap of $400.24 billion, a P/E ratio of 27.18, a P/E/G ratio of 2.74 and a beta of 1.01. The company has a quick ratio of 0.33, a current ratio of 1.15 and a debt-to-equity ratio of 11.74.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, topping the consensus estimate of $4.59 by $0.08. Home Depot had a return on equity of 733.61% and a net margin of 9.71%. The firm had revenue of $43.18 billion for the quarter, compared to the consensus estimate of $42.57 billion. During the same period in the prior year, the business posted $4.65 earnings per share. The company’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts predict that The Home Depot, Inc. will post 15.01 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, September 12th. Stockholders of record on Thursday, August 29th were issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Thursday, August 29th. Home Depot’s payout ratio is presently 60.57%.

About Home Depot

The Home Depot, Inc operates as a home improvement retailer in the United States and internationally. 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.