Home Depot (NYSE:HD) Shares Down 2.3% Following Analyst Downgrade

Shares of The Home Depot, Inc. (NYSE:HD) were down 2.3% during trading on Friday 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 $348.14 and last traded at $350.27. Approximately 1,000,633 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 3,391,331 shares. The stock had previously closed at $358.58.

A number of other equities research analysts have also commented on the company. Evercore ISI upped their target price on Home Depot from $415.00 to $420.00 and gave the company an “outperform” rating in a research report on Tuesday, May 14th. TD Cowen reduced their target price on shares of Home Depot from $440.00 to $420.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Telsey Advisory Group reissued a “market perform” rating and issued a $360.00 price objective on shares of Home Depot in a research report on Tuesday, May 14th. Citigroup decreased their price objective on shares of Home Depot from $415.00 to $395.00 and set a “buy” rating for the company in a research report on Tuesday, May 7th. Finally, HSBC dropped their target price on Home Depot from $323.00 to $318.00 and set a “reduce” rating on the stock in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to 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 business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 33,325 shares in the company, valued at approximately $11,503,123.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Home Depot

A number of institutional investors have recently modified their holdings of the business. Bare Financial Services Inc acquired a new position in Home Depot during the fourth quarter valued at $26,000. Frank Rimerman Advisors LLC bought a new position in Home Depot during the fourth quarter valued at about $27,000. Keener Financial Planning LLC acquired a new stake in shares of Home Depot in the 4th quarter valued at $31,000. Kings Path Partners LLC acquired a new stake in shares of Home Depot during the 2nd quarter worth about $33,000. Finally, Gilfoyle & Co LLC acquired a new position in Home Depot in the fourth quarter valued at about $35,000. Institutional investors own 70.86% of the company’s stock.

Home Depot Price Performance

The stock has a market capitalization of $345.92 billion, a P/E ratio of 23.49, a PEG ratio of 2.54 and a beta of 0.98. The company’s 50 day simple moving average is $345.58 and its two-hundred day simple moving average is $353.50. 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 released its earnings results on Tuesday, May 14th. The home improvement retailer reported $3.63 earnings per share for the quarter, topping analysts’ consensus estimates of $3.61 by $0.02. The company had revenue of $36.42 billion during the quarter, compared to the consensus estimate of $36.65 billion. Home Depot had a return on equity of 1,056.67% and a net margin of 9.79%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.82 earnings per share. As a group, equities analysts expect that The Home Depot, Inc. will post 15.3 EPS for the current fiscal year.

Home Depot Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, May 30th. Home Depot’s payout ratio is currently 60.36%.

Home Depot Company Profile

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.