Home Depot (NYSE:HD) Posts Earnings Results, Beats Expectations By $0.14 EPS

Home Depot (NYSE:HD) issued its earnings results on Tuesday. The home improvement retailer reported $3.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.64 by $0.14, Briefing.com reports. The firm had revenue of $40.22 billion during the quarter, compared to analyst estimates of $39.31 billion. Home Depot had a net margin of 9.71% and a return on equity of 733.61%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.81 earnings per share. Home Depot updated its FY 2024 guidance to 15.100-15.100 EPS.

Home Depot Stock Performance

Shares of NYSE HD traded up $8.55 during midday trading on Wednesday, reaching $411.63. 149,690 shares of the stock were exchanged, compared to its average volume of 3,369,029. The firm has a market cap of $408.87 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 2.83 and a beta of 1.01. Home Depot has a twelve month low of $300.14 and a twelve month high of $421.56. The firm has a 50-day simple moving average of $396.76 and a two-hundred day simple moving average of $365.25. The company has a quick ratio of 0.33, a current ratio of 1.15 and a debt-to-equity ratio of 11.74.

Home Depot Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were paid a dividend of $2.25 per share. The ex-dividend date was Thursday, August 29th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.19%. Home Depot’s payout ratio is 60.57%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on HD shares. Jefferies Financial Group started coverage on Home Depot in a report on Tuesday, July 16th. They issued a “buy” rating and a $426.00 price objective for the company. Morgan Stanley lifted their price objective on Home Depot from $380.00 to $450.00 and gave the company an “overweight” rating in a report on Monday, October 21st. DA Davidson lifted their price objective on Home Depot from $430.00 to $466.00 and gave the company a “buy” rating in a report on Friday, October 25th. UBS Group lifted their price objective on Home Depot from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Guggenheim lifted their price objective on Home Depot from $390.00 to $450.00 and gave the company a “buy” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, Home Depot presently has an average rating of “Moderate Buy” and a consensus target price of $424.67.

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.