Traders Buy Shares of Home Depot (HD) on Weakness
Investors purchased shares of Home Depot Inc (NYSE:HD) on weakness during trading on Wednesday. $379.20 million flowed into the stock on the tick-up and $344.88 million flowed out of the stock on the tick-down, for a money net flow of $34.32 million into the stock. Of all stocks tracked, Home Depot had the 26th highest net in-flow for the day. Home Depot traded down ($3.65) for the day and closed at $183.06
HD has been the topic of a number of research reports. Argus upped their target price on shares of Home Depot from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. BMO Capital Markets set a $176.00 target price on shares of Home Depot and gave the company a “buy” rating in a research report on Wednesday, November 15th. UBS Group restated a “buy” rating and set a $186.00 target price (up from $175.00) on shares of Home Depot in a research report on Wednesday, November 15th. Robert W. Baird set a $185.00 target price on shares of Home Depot and gave the company a “buy” rating in a research report on Tuesday, November 14th. They noted that the move was a valuation call. Finally, Oppenheimer set a $178.00 target price on shares of Home Depot and gave the company a “buy” rating in a research report on Tuesday, November 14th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $192.12.
The company has a debt-to-equity ratio of 9.54, a current ratio of 1.23 and a quick ratio of 0.39. The company has a market capitalization of $213,770.00, a P/E ratio of 24.74, a PEG ratio of 1.36 and a beta of 1.08.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.25%. This is a boost from Home Depot’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Wednesday, March 7th. Home Depot’s dividend payout ratio is presently 48.11%.
Home Depot announced that its board has initiated a share repurchase program on Wednesday, December 6th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the home improvement retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
In related news, EVP Matt Carey sold 41,396 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $183.03, for a total transaction of $7,576,709.88. Following the completion of the sale, the executive vice president now directly owns 29,559 shares of the company’s stock, valued at approximately $5,410,183.77. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.26% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of HD. Wela Strategies Inc. bought a new position in shares of Home Depot during the 2nd quarter worth approximately $217,000. Novare Capital Management LLC grew its stake in shares of Home Depot by 4.3% in the second quarter. Novare Capital Management LLC now owns 37,402 shares of the home improvement retailer’s stock valued at $5,737,000 after buying an additional 1,530 shares in the last quarter. Peak Asset Management LLC grew its stake in shares of Home Depot by 14.0% in the second quarter. Peak Asset Management LLC now owns 2,484 shares of the home improvement retailer’s stock valued at $381,000 after buying an additional 305 shares in the last quarter. WealthTrust Axiom LLC bought a new position in shares of Home Depot in the second quarter valued at $207,000. Finally, Beach Investment Management LLC. grew its stake in shares of Home Depot by 1,023.1% in the second quarter. Beach Investment Management LLC. now owns 68,511 shares of the home improvement retailer’s stock valued at $10,510,000 after buying an additional 62,411 shares in the last quarter. 70.36% of the stock is owned by institutional investors.
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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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