Analysts Set Expectations for The Home Depot, Inc.’s Q2 2023 Earnings (NYSE:HD)

The Home Depot, Inc. (NYSE:HDGet Rating) – Analysts at KeyCorp upped their Q2 2023 earnings estimates for Home Depot in a report released on Tuesday, May 17th. KeyCorp analyst B. Thomas now expects that the home improvement retailer will earn $4.93 per share for the quarter, up from their prior forecast of $4.79. KeyCorp also issued estimates for Home Depot’s Q4 2023 earnings at $3.40 EPS, FY2023 earnings at $16.54 EPS and FY2024 earnings at $17.04 EPS.

A number of other equities research analysts have also commented on HD. Jefferies Financial Group reduced their price objective on shares of Home Depot from $420.00 to $400.00 and set a “buy” rating on the stock in a research note on Wednesday. Raymond James dropped their price target on shares of Home Depot from $350.00 to $340.00 and set an “outperform” rating on the stock in a research report on Wednesday. UBS Group dropped their target price on shares of Home Depot from $470.00 to $430.00 and set a “buy” rating on the stock in a research report on Wednesday, February 23rd. Truist Financial dropped their target price on shares of Home Depot from $405.00 to $375.00 and set a “na” rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group lowered their price target on shares of Home Depot from $413.00 to $402.00 and set a “buy” rating on the stock in a report on Wednesday, February 23rd. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $372.91.

Shares of Home Depot stock opened at $285.18 on Thursday. The firm has a market capitalization of $294.70 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 1.88 and a beta of 0.97. The company has a current ratio of 1.01, a quick ratio of 0.24 and a debt-to-equity ratio of 35.47. The firm’s 50 day moving average is $308.48 and its 200 day moving average is $351.77. Home Depot has a 1 year low of $280.63 and a 1 year high of $420.61.

Home Depot (NYSE:HDGet Rating) last issued its quarterly earnings data on Tuesday, May 17th. The home improvement retailer reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.68 by $0.41. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $36.78 billion. Home Depot had a net margin of 10.87% and a return on equity of 2,082.76%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.86 EPS.

Several hedge funds have recently added to or reduced their stakes in the company. Camden National Bank raised its position in Home Depot by 9.7% during the fourth quarter. Camden National Bank now owns 2,563 shares of the home improvement retailer’s stock worth $681,000 after acquiring an additional 226 shares during the period. Morgan Stanley raised its position in Home Depot by 1.4% during the second quarter. Morgan Stanley now owns 11,505,713 shares of the home improvement retailer’s stock worth $3,669,058,000 after acquiring an additional 162,299 shares during the period. Keudell Morrison Wealth Management raised its position in Home Depot by 0.5% during the third quarter. Keudell Morrison Wealth Management now owns 9,467 shares of the home improvement retailer’s stock worth $3,108,000 after acquiring an additional 46 shares during the period. Center for Financial Planning Inc. raised its position in Home Depot by 25.1% during the third quarter. Center for Financial Planning Inc. now owns 3,198 shares of the home improvement retailer’s stock worth $1,050,000 after acquiring an additional 642 shares during the period. Finally, EagleClaw Capital Managment LLC raised its position in Home Depot by 5.3% during the third quarter. EagleClaw Capital Managment LLC now owns 40,517 shares of the home improvement retailer’s stock worth $13,301,000 after acquiring an additional 2,023 shares during the period. 70.61% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP Hector A. Padilla sold 504 shares of the company’s stock in a transaction on Friday, March 25th. The shares were sold at an average price of $309.80, for a total value of $156,139.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by insiders.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 24th. Shareholders of record on Thursday, March 10th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 2.66%. The ex-dividend date was Wednesday, March 9th. This is an increase from Home Depot’s previous quarterly dividend of $1.65. Home Depot’s payout ratio is currently 48.25%.

About Home Depot (Get Rating)

The Home Depot, Inc operates as a home improvement retailer. It operates The Home Depot stores that sell 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, cabinets and cabinet makeovers, countertops, furnaces and central air systems, and windows.

Further Reading

Earnings History and Estimates for Home Depot (NYSE:HD)

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