Bank of America Corp. Reiterates “Buy” Rating for The Home Depot Inc. (HD)
The Home Depot Inc. (NYSE:HD)‘s stock had its “buy” rating reiterated by analysts at Bank of America Corp. in a report released on Tuesday. They presently have a $128.72 price target on the home improvement retailer’s stock, up from their prior price target of $127.67. Bank of America Corp.’s price target suggests a potential upside of 2.70% from the stock’s previous close.
Other analysts also recently issued research reports about the stock. Piper Jaffray Cos. downgraded shares of The Home Depot from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $152.00 to $121.00 in a report on Monday, October 31st. Zacks Investment Research raised shares of The Home Depot from a “hold” rating to a “buy” rating and set a $144.00 price objective on the stock in a report on Tuesday, October 4th. Macquarie reissued a “buy” rating on shares of The Home Depot in a report on Tuesday, November 1st. Argus reissued a “hold” rating and set a $154.00 price objective on shares of The Home Depot in a report on Friday, September 16th. Finally, Morgan Stanley set a $145.00 price objective on shares of The Home Depot and gave the stock a “hold” rating in a report on Wednesday, September 28th. Nine analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $144.81.
Shares of The Home Depot (NYSE:HD) opened at 125.33 on Tuesday. The firm has a 50-day moving average of $125.64 and a 200-day moving average of $130.72. The firm has a market cap of $154.85 billion, a P/E ratio of 21.21 and a beta of 1.05. The Home Depot has a 12-month low of $109.62 and a 12-month high of $139.00.
The Home Depot (NYSE:HD) last issued its earnings results on Tuesday, November 15th. The home improvement retailer reported $1.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.58 by $0.02. The business had revenue of $23.20 billion for the quarter, compared to the consensus estimate of $23.05 billion. The Home Depot had a net margin of 8.08% and a return on equity of 110.52%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.36 earnings per share. On average, equities analysts forecast that The Home Depot will post $6.33 earnings per share for the current fiscal year.
In other The Home Depot news, EVP Timothy M. Crow sold 49,392 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $135.06, for a total transaction of $6,670,883.52. Following the sale, the executive vice president now directly owns 224,905 shares of the company’s stock, valued at $30,375,669.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carol B. Tome sold 97,610 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $135.35, for a total transaction of $13,211,513.50. Following the sale, the chief financial officer now directly owns 644,831 shares in the company, valued at $87,277,875.85. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Cohen & Steers Inc. boosted its stake in The Home Depot by 37,680.1% in the second quarter. Cohen & Steers Inc. now owns 35,400,000 shares of the home improvement retailer’s stock worth $32,480,000 after buying an additional 35,306,300 shares during the period. Bank of Montreal Can purchased a new stake in The Home Depot during the second quarter worth $337,042,000. The Manufacturers Life Insurance Company purchased a new stake in The Home Depot during the third quarter worth $233,510,000. Emerald Acquisition Ltd. purchased a new stake in The Home Depot during the second quarter worth $198,627,000. Finally, Jennison Associates LLC boosted its stake in The Home Depot by 22.9% in the second quarter. Jennison Associates LLC now owns 7,954,031 shares of the home improvement retailer’s stock worth $1,015,650,000 after buying an additional 1,483,893 shares during the period. 71.62% of the stock is currently owned by institutional investors.
The Home Depot Company Profile
The Home Depot, Inc (The Home Depot) is a home improvement retailer. The Company sells an assortment of building materials, home improvement products, and lawn and garden products, and provides various services. The Home Depot stores serve three primary customer groups: do-it-yourself (DIY) customers, do-it-for-me (DIFM) customers and professional customers.
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