Investors Buy Shares of Home Depot (HD) on Weakness
Traders bought shares of Home Depot Inc (NYSE:HD) on weakness during trading on Tuesday. $242.73 million flowed into the stock on the tick-up and $173.37 million flowed out of the stock on the tick-down, for a money net flow of $69.36 million into the stock. Of all equities tracked, Home Depot had the 4th highest net in-flow for the day. Home Depot traded down ($0.34) for the day and closed at $183.72
A number of equities research analysts have issued reports on the company. Deutsche Bank upped their target price on Home Depot from $176.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, December 7th. Argus upped their target price on Home Depot from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $220.00 target price (up previously from $190.00) on shares of Home Depot in a research report on Friday, January 19th. Jefferies Group reaffirmed a “buy” rating and set a $223.00 target price on shares of Home Depot in a research report on Monday, February 5th. Finally, Atlantic Securities raised Home Depot from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $174.16 to $174.95 in a research report on Tuesday, November 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $190.32.
The company has a current ratio of 1.23, a quick ratio of 0.39 and a debt-to-equity ratio of 9.54. The firm has a market cap of $215,670.00, a PE ratio of 25.62, a price-to-earnings-growth ratio of 1.34 and a beta of 1.08.
Home Depot declared that its Board of Directors has approved a share repurchase plan on Wednesday, December 6th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the home improvement retailer to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, EVP Matt Carey sold 41,396 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $183.03, for a total value of $7,576,709.88. Following the completion of the transaction, the executive vice president now directly owns 29,559 shares in the company, valued at $5,410,183.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of HD. Macquarie Group Ltd. raised its stake in Home Depot by 12.7% during the fourth quarter. Macquarie Group Ltd. now owns 312,389 shares of the home improvement retailer’s stock worth $57,384,000 after acquiring an additional 35,147 shares in the last quarter. Madrona Financial Services LLC acquired a new position in Home Depot during the fourth quarter worth $229,000. Financial Advocates Investment Management acquired a new position in Home Depot during the fourth quarter worth $2,465,000. Laurel Wealth Advisors Inc. raised its stake in Home Depot by 88.2% during the fourth quarter. Laurel Wealth Advisors Inc. now owns 16,811 shares of the home improvement retailer’s stock worth $3,186,000 after acquiring an additional 7,879 shares in the last quarter. Finally, Belpointe Asset Management LLC raised its stake in Home Depot by 9.3% during the fourth quarter. Belpointe Asset Management LLC now owns 7,981 shares of the home improvement retailer’s stock worth $1,513,000 after acquiring an additional 679 shares in the last quarter. Institutional investors and hedge funds own 70.34% of the company’s stock.
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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 serves three primary customer groups: do-it-yourself (DIY) customers, do-it-for-me (DIFM) customers and professional customers.
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