Home Depot (NYSE:HD) Given New $340.00 Price Target at Truist Financial

Home Depot (NYSE:HD) had its price objective cut by Truist Financial from $341.00 to $340.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the home improvement retailer’s stock.

HD has been the topic of several other research reports. Argus dropped their price target on shares of Home Depot from $400.00 to $350.00 and set a buy rating on the stock in a research note on Wednesday, July 26th. JPMorgan Chase & Co. raised their target price on shares of Home Depot from $321.00 to $335.00 and gave the company an overweight rating in a research note on Tuesday, August 15th. Morgan Stanley lowered their target price on shares of Home Depot from $350.00 to $335.00 and set an overweight rating on the stock in a research note on Wednesday. The Goldman Sachs Group raised their target price on shares of Home Depot from $330.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, August 15th. Finally, TheStreet upgraded shares of Home Depot from a c+ rating to an a- rating in a research note on Tuesday, August 15th. Twelve research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $339.57.

Home Depot Price Performance

NYSE HD opened at $307.27 on Wednesday. Home Depot has a 52 week low of $274.26 and a 52 week high of $347.25. The company has a current ratio of 1.30, a quick ratio of 0.35 and a debt-to-equity ratio of 28.37. The stock has a market cap of $307.29 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 2.30 and a beta of 0.93. The company has a 50-day moving average price of $298.63 and a two-hundred day moving average price of $306.63.

Home Depot (NYSE:HD) last released its earnings results on Tuesday, November 14th. The home improvement retailer reported $3.81 EPS for the quarter, beating the consensus estimate of $3.75 by $0.06. The business had revenue of $37.71 billion during the quarter, compared to analyst estimates of $37.59 billion. Home Depot had a net margin of 10.22% and a return on equity of 1,339.65%. The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.24 earnings per share. Analysts forecast that Home Depot will post 15.05 EPS for the current year.

Home Depot Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 30th will be given a $2.09 dividend. This represents a $8.36 annualized dividend and a yield of 2.72%. The ex-dividend date is Wednesday, November 29th. Home Depot’s payout ratio is presently 53.66%.

Home Depot announced that its board has authorized a stock repurchase plan on Tuesday, August 15th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the home improvement retailer to reacquire up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Home Depot

In other Home Depot news, EVP Timothy A. Hourigan sold 12,120 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were 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 approximately $23,770,144.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Timothy A. Hourigan sold 12,120 shares of Home Depot stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $325.40, for a total transaction 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 approximately $23,770,144.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Kimberly R. Scardino sold 1,600 shares of Home Depot stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $326.69, for a total transaction of $522,704.00. Following the sale, the chief accounting officer now owns 8,281 shares of the company’s stock, valued at approximately $2,705,319.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,186 shares of company stock worth $6,862,827. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HD. Carnegie Capital Asset Management LLC lifted its stake in Home Depot by 7.2% in the second quarter. Carnegie Capital Asset Management LLC now owns 47,911 shares of the home improvement retailer’s stock valued at $14,883,000 after buying an additional 3,211 shares in the last quarter. Virtu Financial LLC bought a new position in Home Depot in the first quarter valued at approximately $1,332,000. Value Partners Investments Inc. lifted its stake in Home Depot by 20.2% in the first quarter. Value Partners Investments Inc. now owns 132,439 shares of the home improvement retailer’s stock valued at $39,081,000 after buying an additional 22,217 shares in the last quarter. Outlook Wealth Advisors LLC lifted its stake in Home Depot by 3.6% in the second quarter. Outlook Wealth Advisors LLC now owns 4,960 shares of the home improvement retailer’s stock valued at $1,541,000 after buying an additional 171 shares in the last quarter. Finally, CWM LLC lifted its stake in Home Depot by 3.0% in the first quarter. CWM LLC now owns 101,411 shares of the home improvement retailer’s stock valued at $29,928,000 after buying an additional 2,984 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Home Depot Company Profile

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.