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

Home Depot (NYSE:HD) had its price objective lifted by Royal Bank of Canada from $363.00 to $413.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the home improvement retailer’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 2.44% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus lifted their price objective on shares of Home Depot from $375.00 to $400.00 and gave the company a “hold” rating in a research note on Monday. Oppenheimer lifted their price target on Home Depot from $345.00 to $400.00 and gave the company a “market perform” rating in a research note on Tuesday, September 24th. Evercore ISI dropped their price objective on Home Depot from $415.00 to $400.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Telsey Advisory Group upgraded Home Depot from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $360.00 to $455.00 in a research report on Friday, November 8th. Finally, Gordon Haskett raised shares of Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 target price for the company in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, Home Depot presently has a consensus rating of “Moderate Buy” and an average target price of $422.81.

Home Depot Price Performance

Shares of NYSE HD opened at $403.17 on Monday. The stock has a market capitalization of $400.46 billion, a PE ratio of 27.33, a P/E/G ratio of 2.81 and a beta of 1.01. Home Depot has a fifty-two week low of $287.24 and a fifty-two week high of $421.56. The company has a debt-to-equity ratio of 11.74, a current ratio of 1.15 and a quick ratio of 0.33. The business has a fifty day moving average price of $395.99 and a two-hundred day moving average price of $364.77.

Home Depot (NYSE:HD) last announced its quarterly earnings data on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.59 by $0.08. The firm had revenue of $43.18 billion for the quarter, compared to the consensus estimate of $42.57 billion. Home Depot had a net margin of 9.71% and a return on equity of 733.61%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $4.65 earnings per share. As a group, equities analysts predict that Home Depot will post 15.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Home Depot

Several large investors have recently added to or reduced their stakes in HD. Texas Capital Bank Wealth Management Services Inc increased its stake in shares of Home Depot by 27.6% in the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 27,155 shares of the home improvement retailer’s stock valued at $9,348,000 after acquiring an additional 5,879 shares in the last quarter. Pegasus Asset Management Inc. increased its stake in Home Depot by 1.8% in the third quarter. Pegasus Asset Management Inc. now owns 4,994 shares of the home improvement retailer’s stock valued at $2,024,000 after purchasing an additional 86 shares in the last quarter. Swedbank AB raised its holdings in shares of Home Depot by 17.1% during the third quarter. Swedbank AB now owns 909,530 shares of the home improvement retailer’s stock valued at $368,542,000 after purchasing an additional 132,967 shares during the period. LGT Group Foundation boosted its position in shares of Home Depot by 121.0% during the 2nd quarter. LGT Group Foundation now owns 269,368 shares of the home improvement retailer’s stock worth $92,727,000 after purchasing an additional 147,482 shares in the last quarter. Finally, CX Institutional grew its stake in shares of Home Depot by 225.6% in the 3rd quarter. CX Institutional now owns 32,717 shares of the home improvement retailer’s stock valued at $13,257,000 after buying an additional 22,668 shares during the period. Institutional investors and hedge funds 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.