The Home Depot, Inc. (NYSE:HD) Shares Sold by EdgeRock Capital LLC

EdgeRock Capital LLC trimmed its position in The Home Depot, Inc. (NYSE:HD) by 2.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,299 shares of the home improvement retailer’s stock after selling 35 shares during the period. EdgeRock Capital LLC’s holdings in Home Depot were worth $404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. grew its position in Home Depot by 1.2% during the 1st quarter. BlackRock Inc. now owns 77,137,759 shares of the home improvement retailer’s stock worth $22,764,896,000 after purchasing an additional 878,220 shares during the period. Geode Capital Management LLC grew its position in Home Depot by 0.7% during the 1st quarter. Geode Capital Management LLC now owns 19,135,000 shares of the home improvement retailer’s stock worth $5,635,031,000 after purchasing an additional 126,981 shares during the period. Morgan Stanley grew its position in Home Depot by 10.0% during the 4th quarter. Morgan Stanley now owns 18,737,490 shares of the home improvement retailer’s stock worth $5,918,425,000 after purchasing an additional 1,698,402 shares during the period. Wellington Management Group LLP grew its position in Home Depot by 6.3% during the 1st quarter. Wellington Management Group LLP now owns 15,718,744 shares of the home improvement retailer’s stock worth $4,638,916,000 after purchasing an additional 925,962 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Home Depot by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,191,961 shares of the home improvement retailer’s stock worth $3,865,678,000 after purchasing an additional 756,274 shares during the period. 68.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HD has been the topic of several analyst reports. StockNews.com initiated coverage on Home Depot in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Sanford C. Bernstein increased their price target on Home Depot from $314.00 to $328.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 16th. JPMorgan Chase & Co. increased their price target on Home Depot from $321.00 to $335.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 15th. Loop Capital increased their target price on shares of Home Depot from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Wednesday, August 16th. Finally, Stifel Nicolaus started coverage on Home Depot in a research note on Wednesday, September 6th. They issued a “hold” rating and a $350.00 price target for the company. Thirteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $339.62.

Home Depot Price Performance

HD stock opened at $317.26 on Tuesday. The company has a debt-to-equity ratio of 30.53, a current ratio of 1.31 and a quick ratio of 0.35. The firm has a market capitalization of $317.28 billion, a P/E ratio of 19.82, a P/E/G ratio of 2.22 and a beta of 0.95. The business’s 50-day moving average is $325.92 and its two-hundred day moving average is $305.38. The Home Depot, Inc. has a 1 year low of $265.61 and a 1 year high of $347.25.

Home Depot (NYSE:HD) last posted its quarterly earnings results on Tuesday, August 15th. The home improvement retailer reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.45 by $0.20. Home Depot had a return on equity of 1,424.89% and a net margin of 10.48%. The company had revenue of $42.92 billion for the quarter, compared to analyst estimates of $42.19 billion. During the same quarter last year, the company earned $5.05 EPS. Home Depot’s revenue for the quarter was down 2.0% compared to the same quarter last year. Analysts anticipate that The Home Depot, Inc. will post 15.24 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Stockholders of record on Thursday, August 31st were issued a $2.09 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.64%. Home Depot’s payout ratio is currently 52.22%.

Home Depot declared that its board has initiated a share repurchase program on Tuesday, August 15th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the home improvement retailer to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Teresa Wynn Roseborough sold 6,091 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $324.22, for a total value of $1,974,824.02. Following the transaction, the executive vice president now owns 22,749 shares in the company, valued at approximately $7,375,680.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Teresa Wynn Roseborough sold 6,091 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $324.22, for a total transaction of $1,974,824.02. Following the transaction, the executive vice president now owns 22,749 shares in the company, valued at approximately $7,375,680.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy A. Hourigan sold 12,120 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $325.40, for a total value of $3,943,848.00. Following the transaction, the executive vice president now owns 73,049 shares in the company, valued at approximately $23,770,144.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,811 shares of company stock worth $6,441,376. 0.19% of the stock is currently owned by insiders.

About Home Depot

The Home Depot, Inc operates as a home improvement retailer. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.