FY2023 Earnings Forecast for The Home Depot, Inc. (NYSE:HD) Issued By DA Davidson

The Home Depot, Inc. (NYSE:HDGet Rating) – Stock analysts at DA Davidson increased their FY2023 EPS estimates for Home Depot in a research report issued to clients and investors on Wednesday, November 16th. DA Davidson analyst M. Baker now expects that the home improvement retailer will earn $16.72 per share for the year, up from their previous forecast of $16.64. The consensus estimate for Home Depot’s current full-year earnings is $16.65 per share. DA Davidson also issued estimates for Home Depot’s Q4 2023 earnings at $3.34 EPS and FY2024 earnings at $17.21 EPS.

Several other brokerages have also recently commented on HD. Credit Suisse Group reduced their target price on shares of Home Depot from $450.00 to $390.00 in a report on Wednesday. Wedbush reduced their target price on shares of Home Depot to $280.00 in a report on Wednesday. Morgan Stanley increased their target price on shares of Home Depot from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, August 17th. The Goldman Sachs Group cut their price target on shares of Home Depot from $366.00 to $329.00 and set a “buy” rating for the company in a research note on Tuesday, November 8th. Finally, Piper Sandler cut their price target on shares of Home Depot from $327.00 to $323.00 and set a “neutral” rating for the company in a research note on Wednesday. Six analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $346.29.

Home Depot Stock Performance

Shares of HD opened at $311.44 on Thursday. Home Depot has a 12 month low of $264.51 and a 12 month high of $420.61. The firm has a fifty day simple moving average of $286.13 and a 200 day simple moving average of $292.44. The stock has a market capitalization of $318.83 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 1.67 and a beta of 0.95. The company has a current ratio of 1.39, a quick ratio of 0.25 and a debt-to-equity ratio of 32.16.

Home Depot (NYSE:HDGet Rating) last issued its quarterly earnings data on Tuesday, November 15th. The home improvement retailer reported $4.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.11 by $0.13. Home Depot had a net margin of 10.87% and a negative return on equity of 3,656.69%. The company had revenue of $38.87 billion during the quarter, compared to the consensus estimate of $37.96 billion. During the same quarter in the prior year, the firm earned $3.92 earnings per share. The firm’s revenue was up 5.6% compared to the same quarter last year.

Home Depot announced that its board has approved a stock repurchase program on Thursday, August 18th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the home improvement retailer to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Home Depot Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 2.44%. Home Depot’s dividend payout ratio is 45.81%.

Insider Buying and Selling

In other Home Depot news, EVP Fahim Siddiqui sold 1,000 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $300.59, for a total value of $300,590.00. Following the transaction, the executive vice president now directly owns 6,180 shares of the company’s stock, valued at approximately $1,857,646.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Home Depot news, EVP Matt Carey sold 12,650 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $316.26, for a total value of $4,000,689.00. Following the transaction, the executive vice president now directly owns 34,522 shares of the company’s stock, valued at approximately $10,917,927.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Fahim Siddiqui sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $300.59, for a total transaction of $300,590.00. Following the completion of the sale, the executive vice president now owns 6,180 shares in the company, valued at $1,857,646.20. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Institutional Investors Weigh In On Home Depot

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Home Depot by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 94,440,614 shares of the home improvement retailer’s stock worth $26,059,943,000 after buying an additional 1,011,858 shares during the period. State Street Corp boosted its position in Home Depot by 0.6% during the 2nd quarter. State Street Corp now owns 45,908,300 shares of the home improvement retailer’s stock worth $12,591,269,000 after buying an additional 286,186 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Home Depot by 14.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,729,735 shares of the home improvement retailer’s stock worth $3,211,731,000 after buying an additional 1,361,660 shares during the period. Alliancebernstein L.P. boosted its position in Home Depot by 9.1% during the 3rd quarter. Alliancebernstein L.P. now owns 9,722,967 shares of the home improvement retailer’s stock worth $2,682,956,000 after buying an additional 812,278 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Home Depot by 3.9% during the 1st quarter. Fisher Asset Management LLC now owns 8,134,863 shares of the home improvement retailer’s stock worth $2,435,009,000 after buying an additional 303,885 shares during the period. 68.66% of the stock is currently owned by institutional investors and hedge funds.

About Home Depot

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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.

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

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