Independence Bank of Kentucky Boosts Stock Position in The Home Depot, Inc. (NYSE:HD)

Independence Bank of Kentucky boosted its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 64.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,608 shares of the home improvement retailer’s stock after purchasing an additional 3,749 shares during the quarter. Home Depot makes up 0.8% of Independence Bank of Kentucky’s holdings, making the stock its 25th largest position. Independence Bank of Kentucky’s holdings in Home Depot were worth $3,893,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Texas Capital Bank Wealth Management Services Inc increased its holdings in Home Depot by 27.6% during the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 27,155 shares of the home improvement retailer’s stock worth $9,348,000 after purchasing an additional 5,879 shares during the period. Empirical Finance LLC raised its stake in shares of Home Depot by 3.3% during the 1st quarter. Empirical Finance LLC now owns 37,127 shares of the home improvement retailer’s stock worth $14,242,000 after buying an additional 1,195 shares in the last quarter. Commonwealth Retirement Investments LLC increased its stake in Home Depot by 5.5% in the 1st quarter. Commonwealth Retirement Investments LLC now owns 18,628 shares of the home improvement retailer’s stock valued at $7,146,000 after purchasing an additional 965 shares in the last quarter. Leeward Financial Partners LLC increased its stake in Home Depot by 7.3% in the 1st quarter. Leeward Financial Partners LLC now owns 10,431 shares of the home improvement retailer’s stock valued at $4,001,000 after purchasing an additional 711 shares in the last quarter. Finally, Sanibel Captiva Trust Company Inc. purchased a new position in Home Depot during the fourth quarter worth $88,708,000. Institutional investors and hedge funds own 70.86% of the company’s stock.

Home Depot Price Performance

Shares of NYSE HD traded down $0.01 during trading hours on Friday, hitting $409.95. 109,258 shares of the stock were exchanged, compared to its average volume of 3,376,238. The company’s fifty day simple moving average is $377.21 and its two-hundred day simple moving average is $357.09. The company has a market cap of $407.20 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 2.88 and a beta of 1.00. 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 Home Depot, Inc. has a 1-year low of $274.26 and a 1-year high of $420.03.

Home Depot (NYSE:HD) last announced its quarterly earnings data on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, topping the consensus estimate of $4.59 by $0.08. Home Depot had a return on equity of 681.27% and a net margin of 9.71%. The business had revenue of $43.18 billion during the quarter, compared to the consensus estimate of $42.57 billion. During the same period in the prior year, the company earned $4.65 EPS. Home Depot’s revenue for the quarter was up .6% on a year-over-year basis. On average, sell-side analysts predict that The Home Depot, Inc. will post 15.01 EPS for the current year.

Home Depot Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were paid a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Thursday, August 29th. Home Depot’s dividend payout ratio is 60.57%.

Analyst Ratings Changes

Several research firms have recently issued reports on HD. Truist Financial decreased their price objective on Home Depot from $396.00 to $395.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Jefferies Financial Group assumed coverage on Home Depot in a research note on Tuesday, July 16th. They set a “buy” rating and a $426.00 price objective on the stock. Piper Sandler lifted their target price on Home Depot from $387.00 to $455.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Royal Bank of Canada lowered their price objective on Home Depot from $377.00 to $363.00 and set a “sector perform” rating for the company in a report on Wednesday, August 14th. Finally, Gordon Haskett raised Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 price objective for the company in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $402.38.

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.