Home Depot (NYSE:HD) Stock Price Down 1.2% Following Analyst Downgrade

The Home Depot, Inc. (NYSE:HD) shares were down 1.2% on Thursday after Truist Financial lowered their price target on the stock from $406.00 to $396.00. Truist Financial currently has a buy rating on the stock. Home Depot traded as low as $363.64 and last traded at $363.64. Approximately 439,365 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 3,385,012 shares. The stock had previously closed at $368.16.

Other equities research analysts have also issued reports about the company. Telsey Advisory Group reissued a “market perform” rating and set a $360.00 price target on shares of Home Depot in a research note on Tuesday, May 14th. Raymond James reissued a “market perform” rating on shares of Home Depot in a research note on Wednesday, May 15th. StockNews.com cut shares of Home Depot from a “buy” rating to a “hold” rating in a report on Saturday, May 25th. Evercore ISI lifted their price objective on shares of Home Depot from $415.00 to $420.00 and gave the company an “outperform” rating in a report on Tuesday, May 14th. Finally, DA Davidson upgraded shares of Home Depot from a “neutral” rating to a “buy” rating and upped their target price for the stock from $352.00 to $395.00 in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, Home Depot has an average rating of “Moderate Buy” and an average target price of $381.40.

Insider Buying and Selling

In other news, EVP Matt Carey sold 56,008 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $345.18, for a total value of $19,332,841.44. Following the sale, the executive vice president now owns 33,325 shares in the company, valued at $11,503,123.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Home Depot

Several large investors have recently made changes to their positions in the company. Ruedi Wealth Management Inc. boosted its stake in shares of Home Depot by 1.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 2,372 shares of the home improvement retailer’s stock worth $817,000 after acquiring an additional 27 shares in the last quarter. Cape Investment Advisory Inc. boosted its position in Home Depot by 1.4% during the fourth quarter. Cape Investment Advisory Inc. now owns 1,963 shares of the home improvement retailer’s stock worth $680,000 after purchasing an additional 28 shares in the last quarter. Acorn Creek Capital LLC lifted its position in shares of Home Depot by 3.4% during the 2nd quarter. Acorn Creek Capital LLC now owns 845 shares of the home improvement retailer’s stock valued at $291,000 after buying an additional 28 shares in the last quarter. Optas LLC grew its stake in Home Depot by 1.7% in the 4th quarter. Optas LLC now owns 1,752 shares of the home improvement retailer’s stock valued at $607,000 after acquiring an additional 29 shares during the period. Finally, STAR Financial Bank increased its holdings in Home Depot by 0.7% in the 4th quarter. STAR Financial Bank now owns 3,944 shares of the home improvement retailer’s stock worth $1,367,000 after acquiring an additional 29 shares in the last quarter. 70.86% of the stock is currently owned by institutional investors and hedge funds.

Home Depot Trading Down 2.0 %

The company’s fifty day simple moving average is $344.95 and its 200-day simple moving average is $353.46. The firm has a market capitalization of $357.82 billion, a PE ratio of 24.39, a P/E/G ratio of 2.51 and a beta of 0.98. The company has a debt-to-equity ratio of 23.11, a current ratio of 1.34 and a quick ratio of 0.42.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, May 14th. The home improvement retailer reported $3.63 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.02. The firm had revenue of $36.42 billion for the quarter, compared to analyst estimates of $36.65 billion. Home Depot had a net margin of 9.79% and a return on equity of 1,056.67%. Home Depot’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company posted $3.82 EPS. As a group, sell-side analysts expect that The Home Depot, Inc. will post 15.3 earnings per share for the current fiscal year.

Home Depot Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a dividend of $2.25 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $9.00 annualized dividend and a yield of 2.49%. Home Depot’s dividend payout ratio (DPR) is presently 60.36%.

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.