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

Home Depot (NYSE:HD) had its target price lowered by Royal Bank of Canada from $431.00 to $424.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the home improvement retailer’s stock.

Several other analysts have also recently commented on HD. Telsey Advisory Group restated an “outperform” rating and issued a $455.00 target price on shares of Home Depot in a research note on Wednesday. Mizuho raised their price objective on shares of Home Depot from $435.00 to $440.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Truist Financial reduced their price objective on shares of Home Depot from $467.00 to $437.00 and set a “buy” rating for the company in a research note on Wednesday. Evercore ISI raised their price objective on shares of Home Depot from $420.00 to $430.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Barclays raised their price objective on shares of Home Depot from $372.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Nine analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, Home Depot presently has an average rating of “Moderate Buy” and a consensus price target of $436.50.

Home Depot Trading Up 1.6 %

NYSE HD opened at $396.69 on Wednesday. The company has a debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.31. The firm’s fifty day moving average price is $401.36 and its 200 day moving average price is $398.72. The company has a market capitalization of $394.06 billion, a price-to-earnings ratio of 26.95, a price-to-earnings-growth ratio of 4.03 and a beta of 1.05. Home Depot has a 12 month low of $323.77 and a 12 month high of $439.37.

Home Depot (NYSE:HD) last issued its quarterly earnings data on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) 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 the consensus estimate of $39.15 billion. During the same period last year, the firm posted $2.82 EPS. Home Depot’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, sell-side analysts expect that Home Depot will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $2.30 per share. This is an increase from Home Depot’s previous quarterly dividend of $2.25. This represents a $9.20 annualized dividend and a yield of 2.32%. The ex-dividend date is Thursday, March 13th. Home Depot’s payout ratio is currently 61.66%.

Institutional Investors Weigh In On Home Depot

Several institutional investors have recently bought and sold shares of the business. POM Investment Strategies LLC grew its stake in Home Depot by 1.1% during the fourth quarter. POM Investment Strategies LLC now owns 2,117 shares of the home improvement retailer’s stock worth $824,000 after buying an additional 24 shares during the period. Center for Financial Planning Inc. grew its stake in Home Depot by 0.5% during the fourth quarter. Center for Financial Planning Inc. now owns 4,653 shares of the home improvement retailer’s stock worth $1,810,000 after buying an additional 24 shares during the period. Insight Inv LLC grew its stake in Home Depot by 2.0% during the third quarter. Insight Inv LLC now owns 1,246 shares of the home improvement retailer’s stock worth $505,000 after buying an additional 25 shares during the period. Marino Stram & Associates LLC grew its stake in Home Depot by 2.3% during the fourth quarter. Marino Stram & Associates LLC now owns 1,108 shares of the home improvement retailer’s stock worth $431,000 after buying an additional 25 shares during the period. Finally, Live Oak Private Wealth LLC grew its stake in Home Depot by 0.5% during the fourth quarter. Live Oak Private Wealth LLC now owns 4,915 shares of the home improvement retailer’s stock worth $1,912,000 after buying an additional 25 shares during the period. 70.86% of the stock is currently 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.