Bank of America Forecasts Strong Price Appreciation for Home Depot (NYSE:HD) Stock

Home Depot (NYSE:HD) had its price target upped by Bank of America from $425.00 to $450.00 in a research report released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the home improvement retailer’s stock.

A number of other equities research analysts also recently weighed in on the company. DA Davidson raised their price target on Home Depot from $430.00 to $466.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Truist Financial raised their price target on Home Depot from $455.00 to $459.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. TD Cowen raised their price target on Home Depot from $440.00 to $460.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Oppenheimer raised their price target on Home Depot from $345.00 to $400.00 and gave the company a “market perform” rating in a research report on Tuesday, September 24th. Finally, Piper Sandler raised their price target on Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, Home Depot has a consensus rating of “Moderate Buy” and an average target price of $426.00.

Home Depot Price Performance

NYSE:HD traded up $2.46 during trading hours on Wednesday, hitting $408.18. 3,239,545 shares of the company’s stock traded hands, compared to its average volume of 3,381,447. The firm has a market cap of $405.44 billion, a P/E ratio of 27.73, a P/E/G ratio of 2.83 and a beta of 1.01. Home Depot has a 52 week low of $302.34 and a 52 week high of $421.56. The business’s fifty day simple moving average is $399.51 and its two-hundred day simple moving average is $366.34. The company has a quick ratio of 0.33, a current ratio of 1.13 and a debt-to-equity ratio of 8.65.

Home Depot (NYSE:HD) last posted its quarterly earnings data on Tuesday, November 12th. The home improvement retailer reported $3.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.14. The company had revenue of $40.22 billion during the quarter, compared to analyst estimates of $39.31 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $3.81 earnings per share. On average, research analysts anticipate that Home Depot will post 15.06 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th will be issued a dividend of $2.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.20%. Home Depot’s dividend payout ratio (DPR) is 61.14%.

Insiders Place Their Bets

In other Home Depot news, EVP Teresa Wynn Roseborough sold 22,084 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $408.91, for a total transaction of $9,030,368.44. Following the transaction, the executive vice president now owns 20,404 shares in the company, valued at approximately $8,343,399.64. This represents a 51.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HD. Fairway Wealth LLC purchased a new stake in shares of Home Depot in the 2nd quarter worth approximately $25,000. Kings Path Partners LLC purchased a new stake in shares of Home Depot in the 2nd quarter worth approximately $33,000. Legacy Investment Solutions LLC purchased a new stake in shares of Home Depot in the 3rd quarter worth approximately $41,000. Livelsberger Financial Advisory purchased a new stake in shares of Home Depot in the 3rd quarter worth approximately $46,000. Finally, Denver PWM LLC purchased a new stake in shares of Home Depot in the 2nd quarter worth approximately $40,000. Hedge funds and other institutional investors 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.