Home Depot (NYSE:HD) Shares Up 1.7% on Analyst Upgrade

The Home Depot, Inc. (NYSE:HD)’s share price shot up 1.7% during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $377.00 to $400.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Home Depot traded as high as $357.27 and last traded at $356.12. 640,661 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,393,402 shares. The stock had previously closed at $350.01.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group began coverage on Home Depot in a research report on Tuesday, July 16th. They set a “buy” rating and a $426.00 price target for the company. Evercore ISI upped their target price on Home Depot from $415.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 14th. Raymond James reaffirmed a “market perform” rating on shares of Home Depot in a research report on Wednesday, May 15th. HSBC decreased their target price on Home Depot from $323.00 to $318.00 and set a “reduce” rating for the company in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company decreased their target price on Home Depot from $425.00 to $400.00 and set an “overweight” rating for the company in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $384.00.

Insider Activity

In other news, EVP Matt Carey sold 56,008 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $345.18, for a total value of $19,332,841.44. Following the sale, the executive vice president now directly owns 33,325 shares in the company, valued at approximately $11,503,123.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bare Financial Services Inc acquired a new position in Home Depot during the 4th quarter worth $26,000. Frank Rimerman Advisors LLC acquired a new position in shares of Home Depot in the 4th quarter valued at $27,000. Keener Financial Planning LLC acquired a new position in shares of Home Depot in the 4th quarter valued at $31,000. Kings Path Partners LLC acquired a new position in shares of Home Depot in the 2nd quarter valued at $33,000. Finally, Gilfoyle & Co LLC acquired a new position in shares of Home Depot in the 4th quarter valued at $35,000. 70.86% of the stock is owned by institutional investors and hedge funds.

Home Depot Stock Performance

The stock has a 50 day moving average price of $347.51 and a two-hundred day moving average price of $353.25. The company has a current ratio of 1.34, a quick ratio of 0.42 and a debt-to-equity ratio of 23.11. The company has a market cap of $339.53 billion, a price-to-earnings ratio of 22.96, a P/E/G ratio of 2.48 and a beta of 0.98.

Home Depot (NYSE:HD) last released its quarterly earnings data on Tuesday, May 14th. The home improvement retailer reported $3.63 EPS for the quarter, beating analysts’ consensus estimates of $3.61 by $0.02. The business had revenue of $36.42 billion during the quarter, compared to analysts’ expectations of $36.65 billion. Home Depot had a net margin of 9.79% and a return on equity of 1,056.67%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.82 EPS. Analysts predict that The Home Depot, Inc. will post 15.28 EPS for the current year.

Home Depot Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were issued a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Thursday, May 30th. Home Depot’s payout ratio is 60.36%.

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.