Royal Bank of Canada Lowers Home Depot (NYSE:HD) Price Target to $424.00

Home Depot (NYSE:HD) had its target price dropped by stock analysts at Royal Bank of Canada from $431.00 to $424.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the home improvement retailer’s stock. Royal Bank of Canada’s target price suggests a potential upside of 8.59% from the stock’s previous close.

Several other analysts have also issued reports on HD. Truist Financial dropped their price objective on Home Depot from $467.00 to $437.00 and set a “buy” rating on the stock in a research note on Wednesday. Barclays increased their price target on Home Depot from $372.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Stifel Nicolaus lifted their price objective on shares of Home Depot from $375.00 to $400.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Guggenheim reissued a “buy” rating and issued a $450.00 price objective on shares of Home Depot in a research report on Wednesday. Finally, HSBC raised shares of Home Depot from a “reduce” rating to a “hold” rating and lifted their target price for the stock from $356.00 to $410.00 in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $436.50.

Home Depot Stock Performance

NYSE HD opened at $390.44 on Wednesday. The firm has a market capitalization of $387.85 billion, a P/E ratio of 26.52, a price-to-earnings-growth ratio of 4.03 and a beta of 1.05. The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65. The firm’s fifty day moving average price is $401.27 and its two-hundred day moving average price is $398.37. Home Depot has a 1 year low of $323.77 and a 1 year high of $439.37.

Home Depot (NYSE:HD) last released its quarterly earnings data on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.09. Home Depot had a net margin of 9.45% and a return on equity of 452.60%. The company had revenue of $39.70 billion for the quarter, compared to analyst estimates of $39.15 billion. During the same period in the previous year, the business earned $2.82 EPS. Home Depot’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Home Depot will post 15.13 EPS for the current year.

Institutional Trading of Home Depot

Several large investors have recently made changes to their positions in the company. Synergy Asset Management LLC bought a new position in shares of Home Depot in the 4th quarter valued at $26,000. Wingate Wealth Advisors Inc. acquired a new stake in Home Depot in the fourth quarter valued at about $28,000. Navigoe LLC acquired a new stake in Home Depot in the fourth quarter valued at about $29,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Home Depot in the fourth quarter worth about $32,000. Finally, Quarry LP boosted its stake in shares of Home Depot by 220.0% in the 4th quarter. Quarry LP now owns 96 shares of the home improvement retailer’s stock valued at $37,000 after purchasing an additional 66 shares in the last quarter. Institutional investors and hedge funds own 70.86% of the company’s stock.

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.