Carderock Capital Management Inc. boosted its holdings in Home Depot Inc (NYSE:HD) by 23.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 19,476 shares of the home improvement retailer’s stock after buying an additional 3,668 shares during the period. Carderock Capital Management Inc.’s holdings in Home Depot were worth $3,186,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Home Depot by 0.9% during the second quarter. Vanguard Group Inc. now owns 80,417,310 shares of the home improvement retailer’s stock valued at $12,336,016,000 after purchasing an additional 703,292 shares in the last quarter. Capital Research Global Investors grew its position in shares of Home Depot by 0.9% during the second quarter. Capital Research Global Investors now owns 20,025,701 shares of the home improvement retailer’s stock valued at $3,071,943,000 after purchasing an additional 170,139 shares in the last quarter. Northern Trust Corp grew its position in shares of Home Depot by 1.3% during the second quarter. Northern Trust Corp now owns 17,333,833 shares of the home improvement retailer’s stock valued at $2,659,010,000 after purchasing an additional 222,958 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Home Depot by 1.1% during the second quarter. Alliancebernstein L.P. now owns 8,027,935 shares of the home improvement retailer’s stock valued at $1,231,485,000 after purchasing an additional 84,750 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Home Depot by 4.3% during the third quarter. Schwab Charles Investment Management Inc. now owns 6,089,219 shares of the home improvement retailer’s stock valued at $995,953,000 after purchasing an additional 249,947 shares in the last quarter. Institutional investors and hedge funds own 70.63% of the company’s stock.
A number of research analysts have recently weighed in on the company. Deutsche Bank raised their price objective on Home Depot from $176.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, December 7th. Argus lifted their price target 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 reiterated an “outperform” rating and issued a $220.00 price target (up previously from $190.00) on shares of Home Depot in a research report on Friday, January 19th. Wedbush reiterated a “hold” rating and issued a $190.00 price target (up previously from $170.00) on shares of Home Depot in a research report on Wednesday, February 21st. Finally, Atlantic Securities upgraded Home Depot from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $174.16 to $174.95 in a research report on Tuesday, November 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. Home Depot presently has a consensus rating of “Buy” and an average price target of $193.15.
Home Depot (NYSE:HD) last posted its quarterly earnings results on Tuesday, February 20th. The home improvement retailer reported $1.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.07. Home Depot had a net margin of 8.55% and a return on equity of 306.73%. The firm had revenue of $23.88 billion during the quarter, compared to the consensus estimate of $23.65 billion. During the same quarter in the previous year, the firm posted $1.44 earnings per share. The company’s revenue was up 7.5% on a year-over-year basis. sell-side analysts expect that Home Depot Inc will post 9.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, March 7th. This is an increase from Home Depot’s previous quarterly dividend of $0.89. Home Depot’s payout ratio is currently 55.68%.
Home Depot declared that its Board of Directors has initiated a stock buyback plan on Wednesday, December 6th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the home improvement retailer to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Home Depot news, Director Armando M. Codina acquired 6,650 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The shares were bought at an average cost of $178.66 per share, with a total value of $1,188,089.00. Following the completion of the acquisition, the director now directly owns 42,300 shares in the company, valued at approximately $7,557,318. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward P. Decker sold 17,660 shares of Home Depot stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $187.32, for a total transaction of $3,308,071.20. Following the transaction, the executive vice president now directly owns 73,815 shares in the company, valued at $13,827,025.80. The disclosure for this sale can be found here. Insiders have sold 169,027 shares of company stock valued at $31,220,882 in the last ninety days. Insiders own 0.26% of the company’s stock.
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About Home Depot
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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