The Home Depot, Inc. (NYSE:HD) Stake Boosted by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC increased its stake in The Home Depot, Inc. (NYSE:HD) by 18.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,030,568 shares of the home improvement retailer’s stock after buying an additional 318,741 shares during the period. The Home Depot comprises 1.6% of CIBC Private Wealth Group LLC’s investment portfolio, making the stock its 8th biggest holding. CIBC Private Wealth Group LLC’s holdings in The Home Depot were worth $619,832,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of HD. Norges Bank purchased a new stake in The Home Depot during the fourth quarter valued at about $3,153,816,000. Morgan Stanley lifted its holdings in shares of The Home Depot by 10.6% in the fourth quarter. Morgan Stanley now owns 11,028,573 shares of the home improvement retailer’s stock worth $2,929,410,000 after buying an additional 1,058,223 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of The Home Depot by 19.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,142,046 shares of the home improvement retailer’s stock worth $1,631,450,000 after buying an additional 1,011,984 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of The Home Depot by 11.8% in the fourth quarter. Alliancebernstein L.P. now owns 9,402,719 shares of the home improvement retailer’s stock worth $2,497,550,000 after buying an additional 991,241 shares in the last quarter. Finally, Flossbach Von Storch AG lifted its holdings in shares of The Home Depot by 152.9% in the fourth quarter. Flossbach Von Storch AG now owns 894,230 shares of the home improvement retailer’s stock worth $237,525,000 after buying an additional 540,700 shares in the last quarter. 69.48% of the stock is currently owned by institutional investors.

Shares of The Home Depot stock traded up $1.04 during trading hours on Friday, reaching $309.35. 55,746 shares of the stock traded hands, compared to its average volume of 4,362,476. The Home Depot, Inc. has a one year low of $234.31 and a one year high of $345.69. The company has a quick ratio of 0.41, a current ratio of 1.11 and a debt-to-equity ratio of 19.85. The company has a market capitalization of $328.92 billion, a price-to-earnings ratio of 22.49, a price-to-earnings-growth ratio of 1.95 and a beta of 1.05. The business’s 50 day moving average is $320.26.

The Home Depot (NYSE:HD) last posted its quarterly earnings data on Monday, May 17th. The home improvement retailer reported $3.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.08 by $0.78. The Home Depot had a return on equity of 963.88% and a net margin of 10.45%. The firm had revenue of $37.50 billion for the quarter, compared to analysts’ expectations of $33.68 billion. During the same period in the previous year, the firm earned $2.08 EPS. The business’s quarterly revenue was up 32.7% on a year-over-year basis. On average, sell-side analysts expect that The Home Depot, Inc. will post 13.9 EPS for the current year.

The Home Depot declared that its board has approved a share buyback program on Thursday, May 20th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the home improvement retailer to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 17th. Investors of record on Thursday, June 3rd will be issued a $1.65 dividend. The ex-dividend date is Wednesday, June 2nd. This represents a $6.60 dividend on an annualized basis and a yield of 2.13%. The Home Depot’s dividend payout ratio is presently 54.86%.

In related news, EVP Matt Carey sold 113,138 shares of the business’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $316.00, for a total value of $35,751,608.00. Following the transaction, the executive vice president now directly owns 78,594 shares of the company’s stock, valued at approximately $24,835,704. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.

HD has been the topic of several research analyst reports. Piper Sandler upped their price objective on shares of The Home Depot from $290.00 to $310.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 19th. Royal Bank of Canada upped their price objective on shares of The Home Depot from $377.00 to $386.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 19th. Raymond James increased their price target on shares of The Home Depot from $305.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, May 13th. Zelman & Associates cut shares of The Home Depot from a “buy” rating to a “hold” rating in a research report on Thursday, April 15th. Finally, Citigroup raised their target price on shares of The Home Depot from $288.00 to $375.00 in a report on Tuesday, May 4th. Five research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The Home Depot presently has an average rating of “Buy” and a consensus target price of $325.21.

About The Home Depot

The Home Depot, Inc operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, building materials, lawn and garden products, and décor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers.

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Institutional Ownership by Quarter for The Home Depot (NYSE:HD)

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