Evercore ISI Issues Positive Forecast for Home Depot (NYSE:HD) Stock Price

Home Depot (NYSE:HD) had its target price raised by research analysts at Evercore ISI from $420.00 to $430.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the home improvement retailer’s stock. Evercore ISI’s target price would indicate a potential upside of 4.75% from the company’s previous close.

Several other analysts have also recently commented on the stock. Truist Financial raised their price objective on shares of Home Depot from $455.00 to $459.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Guggenheim raised their price objective on shares of Home Depot from $390.00 to $450.00 and gave the company a “buy” rating in a research note on Friday, October 4th. DA Davidson raised their price objective on shares of Home Depot from $430.00 to $466.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Loop Capital upgraded shares of Home Depot from a “hold” rating to a “buy” rating and lifted their target price for the stock from $360.00 to $460.00 in a research report on Wednesday, October 9th. Finally, Barclays lifted their target price on shares of Home Depot from $372.00 to $420.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $425.78.

Home Depot Stock Performance

Home Depot stock traded up $7.43 during midday trading on Wednesday, hitting $410.51. 875,550 shares of the company’s stock were exchanged, compared to its average volume of 3,372,328. Home Depot has a 12-month low of $300.14 and a 12-month high of $421.56. The company has a debt-to-equity ratio of 11.74, a quick ratio of 0.33 and a current ratio of 1.15. The stock has a market cap of $407.76 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 2.83 and a beta of 1.01. The firm’s 50 day simple moving average is $396.76 and its 200 day simple moving average is $365.25.

Home Depot (NYSE:HD) last released its earnings results on Tuesday, November 12th. The home improvement retailer reported $3.78 EPS for the quarter, topping the consensus estimate of $3.64 by $0.14. Home Depot had a net margin of 9.71% and a return on equity of 733.61%. The company had revenue of $40.22 billion during the quarter, compared to analysts’ expectations of $39.31 billion. During the same quarter last year, the business earned $3.81 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Equities research analysts predict that Home Depot will post 14.99 EPS for the current year.

Institutional Trading of Home Depot

A number of hedge funds have recently made changes to their positions in the stock. Abacus Wealth Partners LLC grew its holdings in Home Depot by 3.7% during the third quarter. Abacus Wealth Partners LLC now owns 704 shares of the home improvement retailer’s stock valued at $285,000 after purchasing an additional 25 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its holdings in shares of Home Depot by 0.7% during the third quarter. Redhawk Wealth Advisors Inc. now owns 3,624 shares of the home improvement retailer’s stock valued at $1,469,000 after acquiring an additional 25 shares during the period. Capital City Trust Co. FL increased its stake in shares of Home Depot by 1.1% in the third quarter. Capital City Trust Co. FL now owns 2,494 shares of the home improvement retailer’s stock valued at $1,011,000 after buying an additional 26 shares in the last quarter. Ruedi Wealth Management Inc. increased its position in Home Depot by 1.2% in the second quarter. Ruedi Wealth Management Inc. now owns 2,372 shares of the home improvement retailer’s stock worth $817,000 after purchasing an additional 27 shares during the period. Finally, Acorn Creek Capital LLC increased its position in Home Depot by 3.4% in the second quarter. Acorn Creek Capital LLC now owns 845 shares of the home improvement retailer’s stock worth $291,000 after purchasing an additional 28 shares during the period. 70.86% of the stock is owned by hedge funds and other institutional investors.

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.